US Stock Futures Plunge Over 4%
[Asia Economy New York=Correspondent Baek Jong-min] On the 11th (local time), U.S. President Donald Trump announced that he would reassess the travel restrictions and advisories on South Korea and China related to the novel coronavirus infection (COVID-19). Accordingly, there is growing expectation that the travel advisory level for South Korea issued by the U.S. Department of State and the Centers for Disease Control and Prevention (CDC) may be lowered.
President Trump stated this during a national address held in the White House Oval Office in the afternoon, explaining that "the situation in South Korea and China is improving."
The United States currently does not impose entry bans on foreigners coming from South Korea. However, the State Department has issued a Level 3 travel advisory recommending avoiding unnecessary travel to South Korea, and a Level 4 'Do Not Travel' advisory?the highest level?for the Daegu and Gyeongbuk regions. The U.S. has maintained travel restrictions on foreigners who have been in China within the past 14 days since January 31, and continues to enforce a travel ban on its citizens traveling to China.
Unlike South Korea and China, President Trump announced on the same day a plan to strengthen entry restrictions on Europe, where COVID-19 is spreading rapidly. President Trump said, "We will suspend all travel from Europe for the next 30 days." He mentioned that the measure will take effect from midnight on the 13th. However, the United Kingdom is exempt from this measure. President Trump explained, "This is to prevent new (infection) cases from entering."
In his speech, President Trump did not specifically mention economic response measures to overcome COVID-19, and the market showed clear disappointment, with Dow futures falling nearly 5%.
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