The US economy will have a V-shaped recovery from the aftermath of COVID-19, President Trump said, quoting Apple's CEO Tim Cook, with whom he had a conversation earlier in the day.
President Donald Trump earlier in the day signed a massive relief package for the US economy to mitigate the repercussions of the coronavirus shutdown.
White House economic adviser Larry Kudlow stated that the US economy is expected to show positive growth from the third quarter onward after a potentially deep contraction in the second quarter due to the novel coronavirus pandemic.
As many as 4.4 million US citizens filed for first-time unemployment claims last week as the coronavirus’ toll on the economy continued.
The United States is the country worst hit by COVID-19, with 830,053 infections and 42,311 deaths, according to WHO data posted at 7:00pm CEST. Most of the 50 states in the country are under lockdown, with authorities shuttering non-essential businesses and asking people to stay home in an effort to stop the spread of the virus.