Fox News and Fox Business host Maria Bartiromo warned that the effect of the coronavirus crisis on the way America does business spells “bad news” for China.
The host of “Sunday Morning Futures” spoke about moving the supply chain back to America during an appearance on “America’s Newsroom” with host Sandra Smith on Thursday.
(Source: Fox News)
With the global pandemic wreaking havoc on Wall Street, and a decision this week to shut down the trading floor of the New York Stock Exchange, inevitable changes in American production will certainly have a negative effect on China, Bartiromo contended.
The “Mornings with Maria” host explained that even parts of the U.S. government are dependent on Chinese products and that needs to change as a more “America first” mentality emerges.
“We need to change that mentality, we need to make sure the production is happening in American and our own vital institutions, that really they are probably the bulk of buying when it comes to health care products, in the government, they need to start buying American as well,” she said.
“There is going to be a major shift on the part of corporate America as well as government agencies to focus on production in America,” Bartiromo continued.
“That’s why I think this crisis, over the long term, is gonna be bad news for China because American companies are not going to trust that China will keep to their contracts,” she said, adding that the U.S. will be “much more prepared” in doing business with the communist nation in the future.
Earlier, Bartiromo praised White House trade advisor Peter Navarro for “doing a great job.”
“He really called this from the get-go,” she said, explaining how he “called it” last month during an appearance on her show, saying there would be supply shortages to come.
“And he also talked about the efforts coming out of the White House to move the supply chain back to America, away from China,” she said, calling it a “major issue.”
She also discussed the temporary shift to all electronic trading at the New York Stock Exchange after an NYSE staffer and a trader had both tested positive for COVID-19.
“When I was on the exchange during the ’90s…you were 5,000 people on the floor of the New York Stock Exchange distributed throughout five rooms,” she said.
“Today there are a couple of hundred. A couple of hundred is too many in terms of having people together,” Bartiromo added.
“It was a smart move and it definitely will, in my opinion, change the way we live and work together for a long time,” she told Smith. “A lot of these things that we are doing right now, working from home, changing our behaviors, these don’t go away overnight.”
“I think you’re going to see a fundamental change in the way we operate in terms of business and individuals after we have gone through this crisis,” Bartiromo said.
The fallout from the coronavirus crisis is threatening the recent U.S.-Chinese trade deal and China has been lashing out, push a conspiracy theory blaming the U.S. for the outbreak of the disease which originated in the Chinese city of Wuhan.
China announced Tuesday that it was kicking out U.S. journalists, in an apparent retaliation for the State Department’s decision earlier in the month to limit the number of Chinese media employees.
It’s on! China kicks out American journos, after Trump admin limits Chinese media employees https://t.co/CvLH3wVOnq
— Conservative News (@BIZPACReview) March 17, 2020
Attorney Gordon Chang told Fox Business host Lou Dobbs that China is “suggesting that the world is going into a depression because of the U.S. So they are now trying to collapse the American economy.”
“The political system in China has identified the U.S. as an enemy. And that’s why it’s important for President Trump to make it clear this virus came from China,” he said. “I’m a Chinese-American. I don’t see any racism in what President Trump is trying to do. What I see is a president defending the United States of America against a dangerous, hostile, communist regime.”
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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