US economy to recover from Covid-19 shock by end of 2021: Fed Chief Powell

The US economy, the world's largest, which has been thrown into a recession due to the coronavirus pandemic, will rebound but the recovery could stretch through the end of next year, Federal Reserve Chairman Jerome Powell has said.

His statement came days after a top economic advisor to President Donald Trump favoured giving tax incentives to American companies to move their manufacturing units from China to the US, amidst a new rift in the bilateral relationship over Beijing's handling of the coronavirus crisis.

The US has expressed disappointment over China's handling of the Covid-19 which has claimed nearly 90,000 lives in America.

China,