Trump is Pumping Billions into the Economy to Fight Coronavirus
Trump is Pumping Billions into the Economy to Fight Coronavirus. The Trump administration and Central Bank are working with Congress to pump extra money into the economy.
US President Donald Trump is also closing the border with Canada for “non-essential movements”.
The exact amount that Trump plans to pump into the economy has not yet been announced. US media speak from $ 850 to $ 1,000 billion. The aim is to prop up the economy against the corona crisis.
“We intend to send money to US citizens immediately,” said Budget Minister Steven Mnuchin. It would be an amount of $ 2,000. That should save Americans’ confidence in the economy.
A recovery plan of $ 300 billion would be drawn up for small businesses. Mnuchin expects support to be given to the program across party lines.
The new coronavirus is also rapidly spreading in the United States. More than 6,000 cases have been counted at this time.
At the same time, the US is closing its border with Canada for the unnecessary movement of persons. The closure does not apply to trade. It is not yet clear when the border will close.
Canadian Prime Minister Justin Trudeau is expected to hold a press conference later on Wednesday.
Domestically, the Canadian Prime Minister is under increasing pressure to close the border with the United States to non-essential travel, as the outbreak of the coronavirus takes hold much faster.