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Mike Klyszeiko
Director of Launchpad USA, Amcham Finland
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In an effort to keep you up to date in a meaningful way on the developments in the U.S. market, Amcham will curate a list of the news from the U.S. that we believe is relevant and not perhaps so visible in our local Finnish news. As needed, we will provide commentary on some of the headlines we share. We encourage all forms of feedback to be submitted to us so that we can refine this curated list going forward, ensuring you get the information you need when you need it. So here we go!
Treasury Secretary Steve Munchin warns that U.S. Unemployment rate could hit 20% if congress does not act on passing an economic stimulus package that has a price tag of $1 trillion.
This 20% unemployment figure would be twice the national unemployment rate the U.S. experienced during the 2008 financial crisis (aka The Great Recession). This could be a bit of a scare tactic to get congress to act quickly or perhaps some foreshadowing of things to come.
First shots of an experimental Corona virus vaccine were given in the state of Washington.
This hopefully marks the starting point of a long road to an FDA approved vaccine that could potentially save millions of lives. Most experts believe that an FDA approved vaccine publicly available is still 12-8 months away. Let’s hope that the capital and human resources being invested into this will accelerate the timelines
https://apnews.com/76b614811eef32955180c8260188bc24
The Democratic primaries Roll on. Former Vice President Joe Biden won key elections in Illinois, Florida and Arizona.
It is looking to be a foregone conclusion that Joe Biden will emerge as the Democratic nominee to face off against President trump in this years U.S. Presidential election.
https://www.politico.com/news/2020/03/17/biden-sanders-final-primaries-coronavirus-freeze-134448
Tesla told by County Officials it must shutdown its manufacturing facility for three weeks to comply with a countywide quarantine order.
It appears as though Elon Musk things Tesla is an essential business thus keeping operations running at its Fremont, California factory while other silicon valley tech firms sent employees home. Important to note that other U.S. auto manufacturers have not yet shut down manufacturing as their home states and counties have not instituted such measures.
NBA star Kevin Durant tests positive for Corona virus as well as four of his Brooklyn Nets teammates.
This is significant from the standpoint that the NBA was hoping to resume its season at some point this spring. With more players being infected the likelihood of this happening are diminishing. The NBA is a multibillion dollar money making machine and this has huge ramifications for all the businesses and services around the NBA experience.
https://www.espn.com/nba/story/_/id/28917855/four-nets-players-test-positive-coronavirus
Department of Homeland Security provides guidance on how U.S. citizens and permanent residents can come back into the U.S.
Could be useful when booking flights for the foreseeable future. If you do enter through one of these 13 hubs to transfer elsewhere provide yourself ample time for the transfer. Most reports indicate waiting lines of up to 5-6 hours to clear customs and medical screenings.
There is a map of the state-by-state levels of infection and deaths. As mentioned earlier individual cities are imposing quarantines on its residents as there is not yet a coordinated national action on this. Thus far states like New York, California and Washington have the strictest measures with more states surely to follow suit.
Please let us know which updates are helpful so we can further refine our updates. Stay healthy and contact me with your questions!
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