COVID-19 edit
The COVID-19 pandemic is a currently growing virus that has been spreading across the world since December, 2019. The virus was declared a Public Health Emergency of International Concerns in January, 2020. The current total value of cases in the the world, as of December 10, 2020 is estimated to be 70.7 million, and the deaths are estimated to be 1.5 million. United States is estimated to be about 14.6 million, and the estimated value of deaths in the U.S. is estimated to be about 281,000.
Common symptoms of COVID-19 include fever, cough, shortness of breath or difficulty breathing, fatigue, etc. Preventative measure such as wearing a protective face mask and social distancing are being utilized during the pandemic. If you do come into contact with COVID-19, you should isolate and quarantine yourself for 14 days at most, this is how long the virus commonly lasts. You can have contract COVID-19 for as long as 2 days and not show any sign of symptoms, this is why it's important to limit outside contact as to not put others in danger.
Effects on Trade edit
The United states' imports/exports have suffered greatly from the COVID-19 pandemic. Due to the spread of COVID-19, companies have had to lay off workers working in many fields, and this has caused a decrease in efficiency in almost all departments. The number of prime-age workers who are unemployed/employed but not working has went from 7.9 million to 19.6 million. The amount of cargo in our shipping ports have also dropped in numbers from 10% to 20%, Los Angeles shipping ports also dropped 29.8% in May.
Restrictions due to COVID-19 on the import/exports of the U.S. have also crippled trading efforts. Almost 90 countries late July/mid August had implemented trade restrictions on all products because of the virus. The restrictions being put on trade also affect the supply needs of the U.S. and have been one of large reasons for supply shortages in the U.S.
Economy edit
The virus has caused damage to the economy on a global scale and has led to major interruptions and delays in the economic system. There have been major supply shortages and disruptions to major events due to the virus. The virus has also caused a recession in the United States economy comparable to The Great Depression. Small business revenue in each industry fell by 19.1% since January. The virus has caused major damage to the United States economy, there have been many policies implemented to help stimulate the economy and recover. As of November, 2020, the unemployment rate is at 6.7%. The GDP encountered a decline of 9.1% during the second quarter of 2020. All of these factors have not done good for the economy, and the virus continues to cause damage.