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But lower prices hurt producers, especially in Kern County, where about one-third of California's crude oil is produced.

But investors became more prudent about these companies as time went by. The market capitalization of Giant Network Group dropped to 53 billion yuan (.29 billion) on Monday, decreasing 66.6 percent compared to its peak in May last year. 360 Security Technology Inc has seen its market value decrease 48.4 percent to 228.9 billion yuan compared to its peak on Feb 28.

But at the same briefing after Trump spoke, Dr Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said: "We will have coronavirus in the fall. I am convinced of that because of the degree of transmissibility that it has, the global nature".

But Trump's attacks on Frazier didn't stop others from distancing themselves from the council, as top executives of Intel, Under Armour, Alliance of American Manufacturing, AFL-CIO, and Campbell Soup have also resigned from the council.

But about 80 percent of companies are posting losses and only 1 percent are profitable, he said, adding the outbreak would accelerate consolidation and elimination of some firms in the industry.