Despite Powell's Warning... Trump Says "Suspending Stimulus Bill Negotiations" (Comprehensive)

Dow Jones reverses 1.3% rise after Twitter surprise announcement
Powell: "No stimulus means economic downturn"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] One day after being discharged from treatment for the novel coronavirus infection (COVID-19), U.S. President Donald Trump ordered a halt to negotiations on the stimulus bill with the Democratic Party. Federal Reserve (Fed) Chairman Jerome Powell had warned that the economy could plunge without additional government support, but this was effectively ignored. The New York Stock Exchange, which had been hopeful for the bill's passage, declined.

On the 6th (local time), President Trump tweeted, "I have instructed to stop negotiations on the stimulus bill until the November presidential election," adding, "As soon as I win, I will pass a support bill for workers and small businesses."

The Trump administration had been negotiating with the Democrats over an additional stimulus package. While the Democrats insisted that up to $2.4 trillion was necessary, the government and Republicans proposed $1.6 trillion, showing a difference in opinion.

President Trump stated, "Our economy is still good, and the stock market is at record levels. The best is yet to come," indicating that the passage of the stimulus bill was not urgent. Instead, he plans to focus all efforts on confirming the Supreme Court justice. He said, "I have asked Senate Majority Leader Mitch McConnell to concentrate all efforts on confirming Amy Coney Barrett, the nominee for the Supreme Court justice."

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