WASHINGTON – US President Donald Trump promises to provide “very substantial assistance” to both companies and individuals who are experiencing financial difficulties because of the COVID-19 coronavirus epidemic.
Trump said he would meet with congressional leaders on Tuesday to discuss lowering the payroll tax.
“We will discuss helping employees who receive hourly pay so that they do not find themselves in a situation where they will be left without a salary. We will work with companies, large and small, a lot of companies so that they are not punished for something they are not guilty,” Trump told reporters on Monday evening.
Amid collapsing stock prices amid the oil price war and the coronavirus crisis, trump met on Monday with his economic advisers, including Treasury Secretary Steven Mnuchin, who presented him with options for policy solutions to counter emerging threats to the economy.
“In a year, the economy will be in very good shape,” predicted Mnuchin, who was answering questions from reporters along with Vice President Mike Pence after trump’s brief appearance in the briefing room.
Trump announced that a press conference on economic issues will be held at the White House on Tuesday.
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The US tourism industry, which generates $ 1.6 trillion in revenue each year and could be severely affected by the coronavirus outbreak, is expected to be one of the administration’s key areas of relief work.
“We are also working with different industries, including air travel and sea cruises, which will be affected,” Trump said.
The US “will use all available tools” to combat the effects of the coronavirus, Mnuchin said, noting that the White House will hold a meeting with Bank representatives this week.
After the Dow Jones index fell more than 2,000 points during the morning session on Monday, trump tweeted to blame the fall in the market for Saudi Arabia and Russia, who were arguing about the volume of oil production and the price of it.
“This, as well as fake news, is the reason for the market’s decline,” he wrote.
However, House Speaker Nancy Pelosi said that the uncertainty in the markets is caused by the President’s reaction to the coronavirus outbreak in the United States.
“I think what is happening reflects a lack of trust, so we hope that what will come from the White House will be more in line with the proposals of health advisers,” Pelosi said.