US Considers Additional Stimulus... White House Says Trump Wants at Least 2400 Trillion Won
[Asia Economy Reporter Hyunseok Yoo] A senior White House official revealed that U.S. President Donald Trump wants the additional stimulus package to respond to the novel coronavirus infection (COVID-19) to be at least $2 trillion (approximately 2,406 trillion won) in scale.
Peter Navarro, Director of the White House Office of Trade and Manufacturing Policy, appeared on Fox Business on the 12th (local time) and said regarding the next economic stimulus package, "The President is very interested in an order of at least $2 trillion," Politico reported on the 13th.
He also stated that the White House is particularly interested in a "critical" cut in income tax and the return of jobs to the manufacturing sector. Mentioning pharmaceutical companies and medical equipment, the White House hopes to support these industries through the additional stimulus package.
He said, "Our medicines, masks, ventilators, and so on need to be made here," and emphasized, "The President and I believe that the core of any economic plan should focus on buying American-made goods, employing Americans, and producing in America, moving toward manufacturing jobs."
President Trump has a plan to inject large-scale funds to stimulate the economy damaged by the COVID-19 crisis, and this time, it is interpreted as meaning he intends to promote job recovery alongside tax cuts.
The U.S. Congress has so far released $2.8 trillion into the market through four rounds, and if President Trump's plan goes as intended, an amount comparable to what has been injected so far will be released into the market.
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However, it is expected to be difficult for President Trump's plan to pass through Congress. There is opposition not only from the Democratic Party but also within the Republican Party. Senate Majority Leader Mitch McConnell conveyed to President Trump that additional funding should not exceed $1 trillion. Conversely, the Democratic Party wants more than $3 trillion.
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