U.S. remains in economic purgatory — COVID-19 updates for March 25, 2020

Dear readers,

We here at SupChina have launched a fundraiser to raise money for face masks and other equipment for under-resourced hospitals across the U.S. We will match donations dollar for dollar for the first $25,000.

Hospitals in the U.S. are running woefully low on personal protective equipment for frontline medical workers, who are now contracting COVID-19 in record numbers. China manufactures more than 50% of the world’s face masks and other protective equipment, but importing them into the U.S. quickly can be a challenge for large organizations.

Many hospitals lack the budget and others have draconian state-run purchasing rules that prohibit them from acting quickly to purchase more equipment.

The fact is that they’re unable to act or are being forced to wait, and hospitals across the U.S. are actively seeking donations.

We have spoken with trusted companies in China who already supply U.S. hospital systems, and have found that there are masks that can be shipped with no delay.

SupChina’s mission statement is to serve as a gateway for understanding between the U.S. and China and through our various partner organizations, including the Aaron Diamond AIDS Research Center at Columbia University, its founder, David Ho, the Chinese General Chamber of Commerce in the U.S., and the U.S.-based Committee of 100, we have secured access to large quantities of face masks and other personal protective equipment from China.

We are now raising money to purchase materials and our team will personally deliver these face masks and other supplies to New York hospitals. New York is not only where our headquarters are and where most of our team lives, but it is also among the hardest-hit cities in the U.S., with more than 50% of all U.S. cases of COVID-19 to date.

Time is of the essence. Donate by next Friday, April 3rd, and SupChina will match each donation 1:1 up to $25,000 (for a total of $50,000) through our nonprofit arm. 

–> Click here to donate now

100% of the money will go straight into the purchase of masks — no overhead, no fees for us. We’ll even be delivering the masks in our own vehicles.

When the masks arrive, if New York hospitals have all the equipment they need, we will immediately send the supplies to the worst-hit region in the U.S. as of that time.
There is no shortage of news today, so let’s get on with it.

Thanks for reading, and write us at editors@supchina.com if you have questions, news tips, or feedback.

The Editors

 

The U.S. remains in financial purgatory

As of the time this email was sent at 9 pm Eastern Time on Wednesday night, U.S. senators are still working out the details of the $2 trillion financial rescue package that congress has been trying to pass for days now. Indications are that the deal won’t get passed tonight, and New York State governor, Andrew Cuomo, and New York City mayor, Bill de Blasio, are particularly unhappy with the proposed deal.

Despite all the uncertainty on the policy front, U.S. stock markets nonetheless saw their first two-consecutive-day gain in over a month. Some experts think the market may have bottomed out, but most of the “real economy” impact of the pandemic has yet to fully come into view.

On the health-front, New York is reporting potential signs that social distancing might be working, but Wednesday was still the deadliest day in the U.S. since the outbreak began to spread.

Meanwhile Trump is already speaking of an “Easter revival” whereby the economy could be getting back to normal by April 12th. While some say this is necessary to prevent an economic doomsday, others speculate Trump’s focus on the economy is driven less by compassion for others and more by his own 2020 electoral ambitions.

Fortunately, due to America’s federal republic system of government, most of the power to actually open or close many parts of the economy resides at the state- and local-level. Trump doesn’t have much authority to enact his revival plan.

Many state governors are already rejecting Trump’s plan, and a growing number of schools are preparing to extend their closure — through the end of the school year.

But some actual experts say the outbreak in the U.S. could at least peak by Easter, if not actually on the wane.

Three weeks from now is also when the first direct payments to individuals may arrive from the government, in a country where many households don’t have enough cash to survive that long in an emergency — and where many are already 2 weeks into a reduction or outright lack of wages.

Europe continues to get hit hard

Spain and Italy continue to face the worst death rates in the world, with both countries reporting more deaths than China. Italy reports 7,503 deaths on about 74,000 cases, while Spain is reporting 3,647 deaths on about 50,000 cases.

Sadly, France may not be far behind, recording 231 deaths — a 21% increase over the day before — in just one day.

Neighboring Germany, however, has the world’s lowest COVID-19 death rate by a very, very wide margin.

It’s unclear which reality will prevail across the continent — that of Italy and Spain, or that of Germany. Spain’s case count doubling roughly every four days and European nations collectively make up more than half of the top 20 countries affected by COVID-19 as measured by number of cases.

China updates

  • COVID-19 fuels domestic violence in China (SupChina)
    • For the record, the same problem is happening in the U.S. and elsewhere (NYT)
  • Stargazing Before the Apocalypse: an essay about science in the time of coronavirus (SupChina)
  • Covid-19 epidemic slams China’s 2020 government revenues and budget (Caixin)
  • China retailers implement massive sales and price cuts to stimulate post-COVID-19 buying (Reuters)

Around the world in 30 seconds

Cure and vaccine radar

  • The drug Trump had mentioned publicly as being successful against COVID-19 has been shown to be no more effective than regular care without the drug (Bloomberg)
  • The Israeli health ministry has approved experimental treatments for the disease (Jerusalem Post)
  • NBC did a roundup of the drugs currently undergoing trials or testing, but no major breakout successes yet (NBC)

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