Trump: Apple's Tim Cook sees coronavirus V-shaped economic recovery
Coronavirus stimulus bill signed Friday adds $484B in relief
President Trump encourages Americans to practice good hygiene as states reopen and says Apple CEO Tim Cook predicts the United States' economic recovery curve will be V-shaped.
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President Trump said he and Apple CEO Tim Cook are both expecting a dramatic economic recovery from the coronavirus pandemic-driven downturn that has cost millions of Americans their jobs.
During the White House coronavirus news briefing Friday evening, Trump said he’d spoken with Cook earlier in the day.
President Donald Trump speaks about the coronavirus in the James Brady Press Briefing Room of the White House, Friday, April 24, 2020, in Washington. (AP Photo/Alex Brandon)
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“They have a good sense of the market, and he feels it’s going to be a V,” Trump said. “The V is sharply upward later on as we actually get it fully open.”
Cook is one of the business leaders Trump has tapped for a panel of economic advisers. Other executives include New England Patriots owner Robert Kraft, Dallas Mavericks owner Mark Cuban and hedge fund manager Ken Griffin, the Associated Press previously reported.
Apple CEO Tim Cook (MANDEL NGAN/AFP via Getty Images)
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The president went on to tout the $484 billion coronavirus stimulus package that he signed Friday. The funds include $310 billion to replenish the Paycheck Protection Program for small businesses to continue paying employees.
“I think there’s going to be a tremendous upward shift,” he said.
The latest round of relief approved by Congress on Thursday and signed by Trump Friday also includes $75 billion for hospitals, $60 billion for another economic disaster loan program and $25 billion for COVID-19 testing.
FOX Business' Megan Henney contributed reporting.
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