During a news conference Monday, US President Donald Trump announced new economic stimuli, including payroll tax cuts and loans to small businesses, amid the economic turmoil caused by the COVID-19 coronavirus outbreak.
Trump also said that he will be meeting with Senate and House Republicans Tuesday to discuss “very substantial relief” measures to mitigate the impact of the coronavirus.
Trump’s announcement comes after the New York Stock Exchange (NYSE) finished Monday with its worst loss since December 2008 and the Dow Jones slid by more than 2,000 points due to the coronavirus and the associated quarantines, travel restrictions and decreased trade.
The International Air Transport Association (IATA) last Thursday revealed that airlines could lose up to $113 billion in revenue this year due to the COVID-19 outbreak. In addition, the Federal Reserve last Tuesday cut US interest rates by half a percentage point in an unusual move ahead of its upcoming monthly policy meeting on March 17-18 in order to mitigate threats to the economy stemming from the viral outbreak. This followed similar moves by the Bank of China and other financial institutions around the globe.
Pence also noted that the Trump administration plans to meet with hospital and nursing home executives regarding the deadly virus. Pence also revealed that he has not been tested for the coronavirus and is unsure if Trump has been tested, but revealed that he has notified 47 governors of all the testing options. Pence also reassured the American public that a risk of serious disease among Americans remains low.
US Secretary of Health and Human Services Alex Azar revealed that more than 1 million coronavirus tests are available for use in private and commercial labs as well as hospitals. In addition, 2.1 million tests will soon be shipped out to be used for coronavirus testing in the US, and the country is expected to produce 4 million tests per week in the near future.
In addition, US Centers for Disease Control and Prevention (CDC) Director Robert Redfield reaffirmed that the risk to the American public remains low and that the several community outbreaks in states like Washington and California are being extensively investigated to understand the transmission mechanisms of the disease.
There are currently 607 cases of the coronavirus in the US. The disease has caused at least 24 deaths in the US.
Sourse: sputniknews.com
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