The US President said the White House would propose “strong” measures to protect the US economy from the impact of the new strain of Coronavirus (Covid-19).
Over the past few weeks, US President Donald Trump has repeatedly denied concerns about the impact of the Covid-19 epidemic on the world’s largest economy. He asserts that American companies and consumers do not face any danger.
And on March 9, the US stock market suffered a worst day of decline in more than 10 years. In addition to falling oil prices and interest rates on US government bonds for the first time in history below 0.5%, Mr. Trump announced that he would take action.
The US President said the White House would propose “very strong” measures to protect the economy from the Covid-19 epidemic, including financial support for workers who lost income on sick leave, tax breaks and supporting industries facing the crisis such as shipping, aviation and hotel services.
“We will work with many companies, from small to large,” emphasized the US president. During the press conference, Mr. Trump did not mention the impact of the Covid-19 epidemic on the US stock market.
On March 9, the indexes on the US stock market plunged to the bottom since 2008. The S&P 500 index fell more than 7%, the Dow Jones 7.79%. Stocks in red flames caused the market to stop trading for 15 minutes.
According to Treasury Secretary Steve Mnuchin, the US government has the necessary tools to deal with the current situation. “The US economy will be very strong at the time of a year after this date,” he said.