President Trump is accusing a China lab of mistakenly releasing the coronavirus.
“My opinion is they made a mistake. They tried to cover it, they tried to put it out,” explained Trump on Fox News.
Public health experts have criticized China for withholding information regarding the outbreak.
U.S. Secretary of State Mike Pompeo was even more direct in his accusations against China. He says that there is “enormous evidence” that the virus originated at a lab in Wuhan.
Last week President Trump threatened a new round of tariffs on China. The tariffs are one way that Trump could try to punish China.
However, over 30 million Americans are currently unemployed. The economy is heading for a recession. And expanding the trade war with China would increase the economic pain for most people.
The Big News…
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FDA Grants Emergency Use of Gilead Drug
The U.S. Food and Drug Administration (FDA) has approved a drug for treating Covid-19 patients. Remdesivir is a new drug from Gilead Sciences (NASDAQ: GILD). The drug is approved for use only during the coronavirus outbreak.
J. Crew Files for Bankruptcy
J. Crew Group filed for bankruptcy protection today. The company’s lenders agreed to convert $1.65 billion of debt into equity. Neiman Marcus and J.C. Penney are also preparing for bankruptcy.
Florida Begins to Reopen
Florida has begun its first phase of reopening. The plan calls for restaurants and shops to open and operate at 25% of regular capacity. Schools, bars, gyms and salons will remain closed.
New $1 Trillion Stimulus
Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and include huge spending on infrastructure projects including 5G. Go here for the top All American 5G stocks to BUY NOW.
The Coronavirus Numbers
Here are the numbers from Monday at 9:30 a.m. ET.
- 3,590,479 Infected worldwide
- 249,011 Deaths
- 1,189,845 Infected in the U.S.
- 68,633 Deaths in the U.S.
Stocks were down 1% on Monday morning.
Increased tensions between the U.S. and China were in the spotlight. Comments over the weekend from the Trump administration worried investors.
Investors will continue watching earnings reports this week.
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Yours in Health & Wealth,