Trump Administration Reviewing Measures to Prevent Economic Impact of COVID-19

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Donald Trump administration in the United States is reportedly considering measures to prevent economic damage caused by the novel coronavirus disease (COVID-19), Bloomberg News reported on the 8th (local time), citing multiple sources.

According to the report, the Trump administration is drafting measures based on paid sick leave and financial support for businesses affected by the spread of COVID-19. The economic relief package is still under discussion and has not yet been submitted to President Trump. Therefore, individual details may change, Bloomberg added.

The announcement schedule for these measures has not yet been decided. Bloomberg stated, "It appears they will start by providing assistance to individuals in the U.S. diagnosed with COVID-19 and then gradually expand support to companies and workers affected by the situation, following a basic step-by-step approach."

The reason the Trump administration is preparing such measures is that the spread of COVID-19 in the U.S. is faster than expected. On this day, the number of deaths due to COVID-19 in the U.S. rose to 21, with 521 confirmed cases. Washington State, which has the highest number of COVID-19 infections in the U.S., reported 21 new cases on the same day.

Although President Trump is trying to ease concerns about COVID-19, the rapid spread both globally and within the U.S. has led to the judgment that preemptive measures to prevent economic damage are inevitable. Earlier, on the 3rd, the U.S. Federal Reserve (Fed) abruptly cut the benchmark interest rate by 0.5 percentage points as part of its COVID-19 response.

Meanwhile, the U.S. Democratic Party has also called for a stimulus package including paid sick leave and unemployment insurance amid the spread of COVID-19, according to reports by The Washington Post (WP) and others. Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi issued a joint statement emphasizing that "the government should prioritize the safety and health of workers and their families" and stressed the need for measures including tax benefits for the tourism and travel industries.

They also demanded expanded issuance of grocery discount vouchers for low-income groups, expansion of school meals and other nutrition programs, and the introduction of legal provisions to prevent price surges. Furthermore, they emphasized that all citizens should be able to receive COVID-19 diagnostic tests free of charge and that costs incurred for items not covered by insurance related to COVID-19 should be reimbursed.

This content was produced with the assistance of AI translation services.