The market couldn't stand this growth rate anyway. The Fed wanted to hike the rates a little, and only pressure from the orange ape made them keep on easin'. This corona thing is actually a help for those who need a different narrative. 'Corona gets all the blame' is like 'dog ate my homework'.
Most people on the street don't realize that real growth truly died back in 2008. 2011 was just a dead cat bounce from all the QE's, and ever since then real demand has been merely a trickle, a mere fraction of what it was since the 80's, 90's, and early 2000's. But the establishment doesn't want the citizens to realize that; they have been propping up the markets with cheap debt and fake growth, "fake-it-until-you-make-it-again". Fake it until real demand comes back (or so they hoped). Even though real demand fell off a cliff quite a few years ago. Americans and much of the world citizens are completely tapped out, from all the personal household debt, student loan debt, and lack of income growth. They can't consume any more stuff. And they are starting to not even
desire any more stuff, willing to live and be happy with less.
I'm assuming that because of established trade agreements between the West and East, the U.S. had to keep buying goods from China that it couldn't sell locally, just to support Chinese growth and have them in-turn buy U.S. goods (that could easily be sold to the Chinese people). Meanwhile China was trying to get its own citizens to begin to consume China-made products typically bought and sold in the U.S. That strategy seemed to work for a while, but it was all fake growth too, as China pumped it's own cheap money into local businesses that were all growing purely on debt. But then, eventually that all started to crater too. The Chinese people are also tapped out on personal debt and falling income growth.
So Chinese products can only go unsold in the U.S. for so long; megastores and warehouses fill up, then you start to build up surpluses that you can't do anything with. I wouldn't be surprised if in the last few years, goods purchased from China were then shipped directly to mega landfills somewhere. Trump and Xi tried tariffs, but that didn't work either.
So what we are seeing now with the coronavirus is a blatant attempt to completely disrupt global supply chains, so that the U.S. doesn't have to continue buying Chinese products that it is obligated to buy through trade agreements but cannot sell locally, because there is no demand. We'll see how long that tactic lasts.
The state of the world economy is way worse that most people realize, because all the growth over the last decade was fake (fueled with debt) and the trickle of consumption was completely obscured from their eyes.