Alex Wong/Getty Images

President Trump enacted a series of strong measures on Friday meant to combat the spread of the new coronavirus and curb the economic downfall it has brought about.

In a Friday press conference, Trump announced that the U.S. Department of Education would waive interest on student loans and that borrowers could suspend loan payments for at least 60 days "without penalty." Borrowers would have to reach out to their lenders on their own to initiate that pause, Trump added.

Trump also announced that the U.S. and Mexico had mutually agreed to close their shared border to all nonessential travel. A similar agreement to close the U.S.-Canada border goes into effect Friday night.

And, as Senate Majority Leader Chuck Schumer (D-N.Y.) said he asked Trump to do in a call this morning, the president announced he would invoke the Defense Production Act to produce much-needed medical supplies. The Korean War-era act will let Trump order manufacturers to start producing ventilators and other necessary goods.