Trump on coronavirus rattling markets: 'This is not a financial crisis'
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."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
That includes instructing the Small Business Administration to start giving out billions of dollars worth of low-interest loans and telling the Treasury Department to defer tax payments, without interest or penalties, "for certain individuals and businesses negatively impacted" by coronavirus. Trump also said he is asking Congress to "consider strongly" enacting "immediate payroll tax relief."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
The complicated problem of banning menthol cigarettes
The Explainer Banning menthol smokes will save lives, public health officials say. But this is an election year.
By Harold Maass, The Week US Published
-
Should AI have rights?
Talking point Technology is becoming smarter
By Devika Rao, The Week US Published
-
Movies to watch in May, from 'Furiosa' to 'The Fall Guy'
The Week Recommends A low-fi A24 horror, a May-December romance inspired by Harry Styles and more
By Anya Jaremko-Greenwold, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published