Trump’s Economic Plan Seen Lacking Power to Stem Virus Downturn
- Travel restrictions could further strain travel, tourism
- Tax proposals, loans for small businesses also included
Donald Trump, speaking in a televised address from the Oval Office, is seen on a monitor in the briefing room of the White House in Washington, D.C., U.S., on March 11,
Photographer: Al Drago/BloombergPresident Donald Trump’s proposals to cushion the U.S. economy from the coronavirus’s shock are likely to provide some relief but face an uphill battle to stave off the risk of the nation’s first recession in more than a decade.
Trump said Wednesday in an address from the Oval Office that he’s seeking cuts to payroll taxes by an unspecified amount, $50 billion in low-interest loans from the Small Business Administration, deferrals of income-tax payments for some and unspecified relief for workers forced to stay home for virus-related reasons. He also announced a one-month ban on most travel from Europe to the U.S. -- excluding the U.K. -- which is aimed at stemming the virus’s spread though that will further deepen the travel industry’s woes.