The EU Has A Brexit Hangover

0
5

The DOJ released 111 emails from the White House, but 24 of those emails have heavy black marks in their DNA. The president blocked the information in those emails because they pertain to the Ukraine debacle. Adam Schiff promised voters Congress would continue to dig up information that could damage the president. But Mr. Trump said he did nothing wrong and the impeachment trial exonerates him.

The coronavirus may cost China $60 billion in the first quarter of 2020. Economists think China’s 6.0% economic growth could tank by two percentage points in 2020 thanks to the virus, weak manufacturing numbers, high consumer debt, and the trade war. The Chinese government may slash taxes, cut interest rates, and boost spending in order to stimulate its economy.

The government closed thousands of businesses for another week. That gave the Chinese another week to enjoy the Chinese New Year. But celebrating the New Year wasn’t on the minds of most Chinese citizens as they struggle to find masks to avoid contracting the deadly bug.

Chinese scientists continue to work to find a vaccine to halt the spread of the virus, but that hasn’t happened. American and European airlines stopped flights in and out of China so it’s not just China that will feel economic pain from the virus. The U.S. economy will take a hit from the bug, and Europe’s shaky economy could fall hard if the virus spreads throughout the EU.

Boris Johnson let the EU know he wants a free-trade deal by the end of the year. But the 27-member union doesn’t work that fast, according to EU Commissioner Ursula von der Leyen. If Boris doesn’t get a great deal this year, he will block U.K. borders. That means all merchandise will go through rigorous customs checks. That move could erode economic growth at a faster pace, according to EU economists.

The EU will feel financial pain now that the U.K.’s not around to support the union. The poor member nations won’t be able to pick up the financial slack, and that will give Europe the Brexit hangover it wanted to avoid.

France and Italy’s economy contracted in 2019. Germany’s economy is in rough shape, but Spain came out of 2019 with 0.5% growth. The President of the EU told the press 2020 will be a tough year for economic growth thanks to Brexit, the trade war, a slump in manufacturing, and the coronavirus.

LEAVE A REPLY

Please enter your comment!
Please enter your name here