Trump set to announce economic plan to offset virus

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 U.S. President Donald Trump is set to announce economic stimulus measures to offset the hits the country is taking as a result of the spread of the new coronavirus, a report said on Tuesday

Among the measures being floated is legislation to protect hourly wage earners who are at risk of missing paychecks as a result of a slowdown in economic activity or quarantine measures affecting them.

He is also weighing a payroll tax cut.

The White House is due to hold meetings with lawmakers on Capitol Hill and executives from the health sector.

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Report says the administration plans to meet Wall Street executives on Wednesday.

Futures markets showed major U.S. indices were set to open in positive territory, bouncing back off over 7 per cent decline on Monday, following European and Asian peers, who are also closely eyeing the U.S. stimulus plan.

Tech stocks were among those showing an implied positive opening.

Trump has veered between trying to downplay the risks from the new coronavirus to the U.S. to admitting that there would be a real impact on the economy.

Report says the president often touts stock-market rises and low unemployment as he runs for re-election this year.

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“It’s not their fault. It’s not our country’s fault,’’ he said, referring to workers who are worried they may go without pay.

Democrats are blaming the White House for not instilling confidence, saying this has led to declines on Wall Street.

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They are pushing for a response that focuses on protecting workers, including through reduced health-care costs. (dpa/NAN)

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