[Asia Economy New York=Correspondent Baek Jong-min] Reports have emerged that U.S. President Donald Trump will unveil a stimulus package worth up to $1 trillion to counter the economic downturn caused by the novel coronavirus disease (COVID-19) crisis. The plan reportedly includes direct government-issued checks to citizens, with President Trump emphasizing that a large-scale stimulus package will be presented soon.
On the 17th (local time), U.S. media outlets such as CNBC, citing sources, reported that the Trump administration is preparing an economic stimulus measure ranging from $850 billion to $1 trillion.
President Trump also attended the COVID-19 task force briefing and repeatedly emphasized his intention to present a measure exceeding expectations by saying, "We will go big" several times regarding the stimulus package.
President Trump mentioned an amount of $1,000, saying, "We will do something so that (the people) can receive money as quickly as possible."
This is interpreted as a shift in policy direction by the government to directly provide cash assistance, given that the payroll tax exemption measure previously promoted by President Trump is expected to take considerable time to implement and face opposition from Congress.
Regarding the difficulties caused by COVID-19, he said, "We will stand here saying 'we have won.' We will win," adding, "I think we will win faster than people think." President Trump emphasized that the U.S. economy will recover rapidly once COVID-19 passes.
Steven Mnuchin, Secretary of the Treasury, announced that tax payments amounting to a total of $300 billion, including up to $1 million for individuals and $10 million for companies, will be deferred for 90 days. Secretary Mnuchin also expressed willingness to support the airline and hotel industries directly affected by COVID-19. Additionally, he hinted at the possibility of shortening stock trading hours if necessary.
President Trump announced that to prevent the spread of COVID-19, each state will be granted increased discretion in conducting COVID-19 tests and expanding telemedicine services. He also urged people not to travel for the time being and did not rule out the possibility of restricting travel to certain areas within the United States. Vice President Mike Pence stated that the Army Corps of Engineers could deploy field hospitals to assist COVID-19 patients.
On this day, the number of confirmed COVID-19 cases in the U.S. rose to 5,853, nearing the 6,000 mark. In New York State, which has the highest number of confirmed cases, the count reached 1,700. This is similar to the 1,708 cases in the Netherlands, ranked 11th in the world by number of confirmed cases. Including 267 patients in neighboring New Jersey, the number of confirmed cases near New York reaches 2,000. New York City is even considering measures to restrict residents' movement.
In this regard, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID) under the U.S. National Institutes of Health, said that the observation that the peak of COVID-19 cases in the U.S. could occur 45 days from now is "not unreasonable." This means the number of COVID-19 cases could peak around May 1.
Meanwhile, with expectations for a large-scale U.S. government stimulus package, the New York Stock Exchange closed with gains of 5 to 6 percent on this day.
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