Commerce Secretary Wilbur Ross discusses how the coronavirus will have a positive impact on the North American job market.
Commerce Secretary Wilbur Ross said Thursday the rapidly spreading coronavirus will bring jobs back to North America.
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Ross told FOX Business’ Maria Bartiromo that it gives businesses “another thing to consider” when they review their supply chain and it could help accelerate the return of some jobs to the U.S. and Mexico.
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U.S. companies that operate in China, including Google and Starbucks, have begun closing some locations due to the outbreak. Airlines, including British Airways and American Airlines, have grounded Los Angeles flights to and from Shanghai and Beijing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOG | ALPHABET INC. | 1,458.63 | +6.07 | +0.42% |
| SBUX | STARBUCKS CORPORATION | 86.72 | -1.88 | -2.12% |
| AAL | AMERICAN AIRLINES GROUP INC. | 26.80 | -0.10 | -0.37% |
| UAL | UNITED AIRLINES HLDG. | 75.21 | -1.84 | -2.39% |
Ross added that along with the outbreak of the SARS that impacted nearly 5,000 people on China’s mainland and claimed 329 lives in the early 2000s, and the African swine virus, a recent epidemic that killed a vast number of pigs in China, the coronavirus is another “risk factor” that companies need to take into account.
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Head of the Centers for Disease Control and National Institute of Health’s Infectious Disease are expected to brief house lawmakers Thursday on the spread of the virus in the U.S. and the World Health Organization will also meet in Geneva to discuss whether to issue a public health emergency.
The death toll from the virus has reached 170, with 7,711 confirmed cases in China. Five cases were reported in the U.S. and officials are urging citizens to avoid unwarranted travel to China.
