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As fears of the coronavirus spread, U.S.-China travel is grinding to a halt. Three major U.S. airlines—United, American, and Delta—are canceling flights between the two countries, and not just for this weekend. United and American will restart service in late March. But you can’t fly Delta to China until May 1 the earliest. Airline stocks took a hit yesterday, but then again...so did most stocks. On Thursday, the State Department issued its highest-level warning—a Level 4—advising Americans not to travel to China. Then, pilots and flight attendants asked, “so why are we still traveling to China?” and demanded airlines cancel flights. Other transportation-related coronavirus news The CDC has issued a quarantine for 195 Americans who were evacuated from Wuhan, China, as a preventative measure. It’s the agency’s first mandatory quarantine order in more than 50 years. The virus is hammering a global freight industry that relies on China. Shipping rates for the massive ships that carry raw materials have dropped more than 90% since a September peak.
President Trump and China President Xi Jinping were one belly-bump shy of a bromance during last month’s trade talks. But now, U.S. and China are back at each other’s throats. U.S. hits first The Trump administration voted against recognizing China as a “market economy” in the WTO—a status that would allow China to export goods around the world at cheaper prices than competing countries. What allows China to sell at cheaper prices? For one, government-backed subsidies that enable Chinese companies to trim expenses from their operations. But China’s up in arms about the U.S.’ opposition. That’s because after joining the WTO in 2001, it was guaranteed market economy status 15 years later. So naturally, Xi kicked back As the world’s steelmakers gathered Thursday to discuss a global oversupply, China crossed its arms and refused to slow down production (or at least, to be the only one slowing down production). And that’s an issue, considering the country controls~50% of the world’s supply.
via .ORGWorld News