The Finance Minister assured that the fundamental indicators of the American economy are normal.
US Treasury Secretary Steven Mnuchin said on Monday that the US economy is facing a “difficult quarter” due to the coronavirus, but fundamentals are normal and therefore now is a good time for long-term investment in the US.
As Mnuchin noted in an interview with Fox Business, small business representatives will receive detailed instructions on Monday on where and how to get anti-crisis loans, for which $ 350 billion has been allocated. According to the Minister, the Trump administration is ready to request additional funding from Congress if the current program is not enough.
“I expect that with all the funds that we are pouring into the economy, we will hold out for the next couple of months, and when we reopen, we will be ready and the economy will go up again,” Mnuchin said.
He also supported the idea of introducing hazard allowances for nurses, doctors and other professionals assisting in connection with the pandemic, but did not provide further details.
Trump on Monday said that the administration wants to introduce a surcharge for health workers who have direct contact with the sick.
Mnuchin said that he supports this initiative: “I think it is very reasonable. When it comes to the next bill, it will be done.”
Mnuchin estimates that the economic assistance package and measures taken by the Federal Reserve will help the country cope with the crisis for 8-12 weeks.
For now, he said, the United States remains an attractive option for investors.
“Investment in the US is still the best in the world. As for long-term investors, this is a great time to continue investing in the US, ” he said.