Trump on coronavirus rattling markets: 'This is not a financial crisis'

(Image credit: Doug Mills/AFP via Getty Images)

published 12 March 2020

In an attempt to soothe spooked investors, President Trump on Wednesday night said the coronavirus pandemic has not triggered an economic catastrophe.

"This is not a financial crisis," he said during an address from the Oval Office. "This is just a temporary moment of time that we will overcome together as a nation and as a world."

The coronavirus has taken a toll on the financial markets; the Dow Jones Industrial Average closed Wednesday 20 percent below its February high, The Wall Street Journal reports, ending its longest bull run. In his speech, Trump touted the U.S. economy, calling it the "greatest ... anywhere in the world, by far," and said he is taking "emergency action" to "provide extra support for American workers, families, and businesses."

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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.

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