UPDATED 7:40 AM PT — Tuesday, March 17, 2020
President Trump recently acknowledged the rising risk of a recession due to the coronavirus outbreak. During a news conference at the White House Monday, the president admitted recent closures of businesses across the U.S. may trigger a decline in economic activity.
However, he said the main goal right now is to defeat the virus. “We’re not thinking in terms of recession, we’re thinking in terms of the virus,” he told reporters.
Once this health emergency is over, the president said he expects a major rebound in GDP growth and stock market value.
“I think there’s a tremendous pent up demand, both in terms of the stock market and in terms of the economy, and once this goes away, once it goes through and we’re done with it, I think you’re going to see a tremendous, a tremendous surge,” he stated. “Once this virus is gone, I think you’re going to have a stock market like nobody’s ever seen before.”
President Trump also noted that his cabinet will provide a fiscal stimulus to industries affected by the virus and another round of tax cuts maybe on the way as well.
The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!
— Donald J. Trump (@realDonaldTrump) March 16, 2020