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Coronavirus to have little impact on US economy: Trump adviser

Kudlow said the Trump administration had taken a look at the outbreak of SARS, or Severe Acute Respiratory Syndrome, in the early-2000s and found the economic impact on the United States had been negligible. SARS was first reported in Asia and spread to more than two dozen countries.

January 31, 2020 / 08:07 AM IST

The fast-spreading coronavirus, which has killed 170 people in China and infected six in the United States, should have little impact on the U.S. economy, President Donald Trump's chief economic adviser said on Thursday.

"We see no material impact on our economy," Larry Kudlow, director of the National Economic Council Director, told Fox Business Network.

Kudlow said the Trump administration had taken a look at the outbreak of SARS, or Severe Acute Respiratory Syndrome, in the early-2000s and found the economic impact on the United States had been negligible. SARS was first reported in Asia and spread to more than two dozen countries.

"There was no material impact," he said, adding, "This may or may not be worse."

Cases of coronavirus globally surpassed 8,100 on Thursday, outstripping the total number of infections in the SARS epidemic of 2003.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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The coronavirus crisis is forecast to sharply dent China's economy, the world's second-largest.

Kudlow said the United States stood ready to help, but said Beijing should not expect relief from U.S. trade tariffs.

"These are separate matters," he said. "This is completely separate from issues of trade or related matters."
Reuters
first published: Jan 31, 2020 08:00 am

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