With the nation on the edge of its seat facing the threat of pandemic Coronavirus and the simultaneous meltdown of financial markets, President Trump addressed the American people from the White House to announce a range of sweeping measures.
Most notably, after recapping how early travel bans on China likely played a role in delaying the appearance of virus outbreaks in the United States, the President said travel from Europe, not including the UK, would be suspended for 30 days. Currently, European nations face the most serious outbreak of SARS-CoV-2, the virus that causes COVID-19, outside of the epicenter of the pandemic in Wuhan, China. There, reports from the communist nation indicate that the outbreak may be on the wane after aggressive lockdowns of tens of millions of Chinese citizens.
In addition to the new travel ban, President Trump reiterated what most analysts had been expecting over the next few days, namely a set of financial measures, including loans for small businesses to tide them over expected interruptions in business during the pandemic, and agreements with insurance companies to waive co-payments for treatment of COVID-19.
Immediately following the address to the nation, stock futures sank further, likely indicating that on open on Thursday markets would register yet another shock in a week that has seen a rapid, if bumpy, descent into bear market territory. Despite this, the president emphasized that U.S. banks were strong, and that the economy, and the nation as a whole, would make it through the challenges presented by the pandemic.
Nonetheless, we are, said the president during the somber Oval Office address, “at a critical time in the fight against the virus.”
Photo showing presidential address: AP Images
Correction: As originally published, this article mistakenly reported that travel is being suspended to and from Europe, the including the UK. The suspension is for travel from Europe only. We apologize for the mistake.
