During a news conference Monday, US President Donald Trump announced new economic stimuli, including payroll tax cuts and loans to small businesses, amid the economic turmoil caused by the COVID-19 coronavirus outbreak.
Trump also said that he will be meeting with Senate and House Republicans Tuesday to discuss “very substantial relief” measures to mitigate the impact of the coronavirus.
In addition, Trump noted that hourly wage earners will be supported amid the coronavirus outbreak if they need to miss work.
“We’re also going to be talking about hourly wage earners getting help so that they can be in a position where they aren’t ever going to miss a paycheck,” Trump said, adding that the government would be working with companies “so that they don’t get penalized for something that’s not their fault.”
Trump’s announcement comes after the New York Stock Exchange (NYSE) finished Monday with its worst loss since December 2008 and the Dow Jones slid by more than 2,000 points due to the coronavirus and the associated quarantines, travel restrictions and decreased trade.
The Dow Jones Industrial Average declined by 2013.76 points, while the S&P 500 decreased by 225.81. The Nasdaq Composite slid by 624.94 points, Sputnik reported.