US NSC Advisor, "China Has Not Responded to New Coronavirus Aid Proposal"

White House Estimates Possible Short-Term 0.2% Impact on US Economy
Denies Ross Commerce Secretary's Claim That 'Corona Helps US Economy'

[Asia Economy New York=Correspondent Baek Jong-min] Robert O'Brien, U.S. National Security Council (NSC) Advisor at the White House, stated that although he conveyed the intention to support China regarding the novel coronavirus, he has not yet received a response. The White House is reportedly assessing that the novel coronavirus could have a short-term impact of about 0.2% on U.S. economic growth.

On the 1st (local time), O'Brien appeared on CBS's 'Face the Nation' and mentioned this. He explained, "The U.S. Centers for Disease Control and Prevention (CDC) and other health agencies have offered assistance to China." He added, "We have not yet heard a response to the offer, but we are preparing for the possibility of cooperation between the two countries." He also said, "Chinese authorities have become more transparent compared to past infectious disease cases. The U.S. government is also evaluating this."

Regarding the U.S. response, he said, "President Donald Trump promised from his first day in office to protect Americans from any threat," and added, "The government is taking necessary measures for the safety of Americans and is moving in the right direction." The U.S. is actively protecting its citizens by issuing travel warnings against China and banning entry of foreigners who have visited China within the past two weeks.

When asked about Wilbur Ross, Secretary of Commerce, previously stating that the novel coronavirus could benefit the U.S. economy, O'Brien defended the remark by saying, "Secretary Ross's comment was simply a reminder that there are risk factors to consider when expanding business globally due to low wages and low costs."

There were also reports that the White House is tracking the economic impact of the novel coronavirus outbreak. The Washington Post (WP) reported on the same day, citing sources, that the White House is reviewing the potential impact of the novel coronavirus on the U.S. economy.

The White House National Economic Council (NEC) and the Council of Economic Advisers are leading the evaluation of the medium- to short-term effects of the novel coronavirus on the U.S. economy. WP reported that White House economists expect the novel coronavirus to have a limited impact of about 0.2 percentage points on economic growth in the first quarter of this year. Last year, the U.S. gross domestic product (GDP) growth rate was 2.3%.

WP also noted that some experts believe that even if the novel coronavirus continues for another one to two quarters, it will not cause serious long-term damage to the U.S. economy.

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