In an attempt to get the coronavirus epidemic under control, Chinese factories could be closed for as long as three more weeks, authorities say.
Commerce Secretary Wilbur Ross was sharply criticized after a Fox Business News interview he gave two weeks ago in which he said of the virus, “I think it will help to accelerate the return of jobs to North America.”
In many sectors of industrial production, the supply chain has become so highly refined and specialized that there are no ready alternatives to China. “It seems like most of the supply chains that will be impacted would be in manufacturing, and more specifically, a lot of technology components, like semiconductors and autos,” said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute.
For every additional week Foxconn’s production facilities are offline, Apple could lose a million iPhone sales for the quarter.
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