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President Donald Trump plans to declare a national emergency on Friday because of the novel coronavirus causing the disease COVID-19, according to multiple published reports citing unnamed sources.
The news comes after Trump tweeted Friday morning that he will hold a news conference about the pandemic at 3.p.m. Eastern Time.
Trump’s move will invoke the Stafford Act and put into play more federal aid for states and municipalities, said reports from Bloomberg News and Reuters.
Related: What is a state of emergency and why are governors declaring them as the coronavirus spreads?
Meanwhile, French President Emmanuel Macron tweeted that he had spoken by phone with Trump and they had agreed to “organize an extraordinary Leaders Summit by videoconference on Monday on COVID-19.”
“We will coordinate research efforts on a vaccine and treatments, and work on an economic and financial response,” Macron said in his tweet.
U.S. stocks SPX, +2.60% DJIA, +2.62% embarked on a comeback attempt Friday but have been hammered this month by coronavirus-related worries. The reviews on Wall Street of Trump’s Wednesday-night Oval Office speech on the outbreak were not positive, with analysts criticizing him for seeking to shift blame to Europe and for proposing a “vague payroll-tax holiday.”
Republican and Democratic leaders have said they’re close to a deal on a coronavirus bill that aims to provide paid sick leave for people affected by COVID-19 and free testing for the disease, among other measures. Analysts have stressed that investors should be aware that this package is the “disaster relief” and that the fiscal stimulus that Wall Street is hoping for “remains elusive.”
Last week, Trump signed into law a preliminary $8.3 billion measure to help tackle the coronavirus.
