But the market obviously not the only thing that has people on edge. The World Health Organized in reporting this is now officially a pandemic and we will get into exactly what that means for you in a little bit. The number of coronavirus cases in the u. S. , now well over 1000. Twentynine deaths in Washington State alone. They have banned large gatherings of over 250 people and now were seeing severe measures to prevent the spread. New rochelle new york with the milewide containment zone. The ncaa said therell be no spectators for march madness and more universities and schools are closing by the day. Students there are engaging in online classes. Oversees its more extreme. Italy has shut down all of their shops in the entire country except pharmacies and food markets. The government they are still urging parts. We want to give you a response to the coronavirus outbreak that started in china and is now spreading throughout the world. Today, the World Health Organization officially announced this is a global pandemic. We have been in frequent contact with our allies and we are marshaling the full power of the federal government and the private sector to protect the American People. This is the most aggressive and comprehensive effort to confront a foreign virus in modern history. I am confident that by counting and continuing to take these tough measures, we will significantly reduce the threat to our citizens, and we will ultimately and expeditiously defeat this virus. From the beginning of time, nations and people have faced unforeseen challenges, including largescale and very Dangerous Health threats. This is the way it always was, and always will be. It only matters how you respond, and we are responding with great speed and professionalism. Our team is the best it knew where in the world. At the very start of the outbreak we instituted sweeping travel restrictions on china and put in place the first federally mandated quarantine and over 50 years. We declared a Public Health emergency and issued the highest level of travel warning on other countries as the virus spread its horrible infection. And, taking early intense action, we have seen dramatically fewer cases of the virus in the United States than are now present in europe. The European Union failed to take the same precautions and restrict travel from china and other hotspots. As a result, a large number of new clusters in the United States were seen by travelers from europe. After consulting with our top government officials, i have decided to take several strong, but necessary actions to protect the health and wellbeing of all americans. To keep new cases from entering our shores, we will be suspending all travel from europe to the United States for the next 30 days. Two new rules will go into effect friday at midnight. These restrictions will be adjusted subject to conditions on the ground. There will be exemptions for americans who have undergone appropriate screenings and these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval. Anything coming from europe to the United States is what we are discussing. These restrictions will also not apply to the united kingdom. At the same time, we are monitoring the situation in china and south korea. And as their situation improves, we will reevaluate the restrictions and warnings that are currently in place for a possible early opening. Earlier this week i met with the leaders of Health Insurance industry, who have agreed to waive all copayments for corona virus treatments. Extend Insurance Coverage to these treatments and to prevent surprise medical billing. We are cutting massive amounts of red tape to make antiviral therapies available in record time. These treatments will significantly reduce the impact and reach of the virus. Additionally, last week i signed into law and 8. 3 billion funding bill to help cdc and other Government Agencies fight the virus and support vaccines, treatments, and distribution of medical supplies a. Testing and testing capabilities are expanding rapidly, day by day we are moving very quickly. The vast majority of americans, the risk is a very, very low. Young and Healthy People can expect to recover fully and quickly if they should get the virus. The highest risk is for Elderly Population with Underlying Health conditions. The Elderly Population must be very, very careful. In particular we are strongly advising nursing homes, for the elderly suspend all medically unnecessary visits. In general, Older Americans should also avoid nonessential travel in crowded areas. My administration is coordinating directly with communities with largest outbreaks and we have issued guidance on school closures, social distancing, and reducing large gatherings. Smart action today, will prevent the spread of the virus tomorrow. Every Community Faces different risks and it is critical for you to follow the guidelines of your local officials, who are working closely with our federal health experts, and they are the best. For all americans it is essential that everyone takes extra precautions and practice good hygiene. Each of us has a role to play in defeating this virus. Wash your hands, clean often used surfaces, cover your face and mouth if you sneeze or cough, and most of all, if you are sick or not feeling well, stay home. To ensure working americans impacted by the virus can stay home without fear of financial hardship, i will soon be taking emergency action, which is unprecedented to provide financial relief. This will be targeted for workers who are ill, quarantine, or caring for others due to corona virus. I will be asking congress to take legislative action to extend this relief. Because of the economic policies that we have put into place, over the last three years we have the greatest economy anywhere in the world by far. Our banks and Financial Institutions are fully capitalized and incredibly strong. Our unemployment is at a historic low. This vast Economic Prosperity gives us flexibility, reserves and resources to handle any threat that comes our way. This is not a financial crisis, this is just a temporary moment of time that we will overcome together as a nation and as a world. However, to provide extra support for american workers, families, businesses and workers. Tonight i am announcing the following additional actions. I am instructing the small and Business Administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. Effective immediately, the sba will continue providing economic loans and affected states and territories, these low interest loans will help Small Businesses overcome temporary economic disruptions caused by the virus. To this end, i am asking congress to increase funding to this program by an additional 50 billion. Using an emergency authority, i will be instructing the Treasury Department to defer tax payments, without interest or penalties for certain individuals and businesses negatively impacted. This action will provide more than 200 billion of additional liquidity to the economy. Finally, i am calling on congress to provide americans with immediate payroll tax relief. Hopefully, they will consider this very strongly. We are at a critical time in the fight against the virus. We have made a lifesaving move with early action on china. Now we must take the same action with europe. We will not delay, i will never hesitate to take any necessary steps to protect the lives, health, and safety of the American People. I will always put the wellbeing of america first. If we are vigilance, and we can reduce the chance of infection, which we will. We will significantly impede the transmission of the virus. The virus will not have a chance against us. No nation is more prepared or more resilient than the United States. We have the best economy, the most advanced healthcare, and the most talented doctors, scientists and researchers anywhere in the world. We are all in this together. We must put politics aside, stop the partisanship, and unified together as one nation and one family. As history has proven time and time again, americans always rise to the challenge and overcome adversity. Our future remains brighter than anyone can imagine. Acting with compassion and love, we will heal the sick, care for those in need, help our fellow citizens and emerge from this challenge stronger and more unified than ever before. God bless you, and god bless america. Thank you. Steve i they go the president live from the oval office addressing some of the health and economic implications of coronavirus. Trying to study peoples nerves, calm panic, and basically to reassure, straightforwardly as much as possible. Joining us now is Foxbusiness Network senior washington correspondent blakes life in the white house. Two main headlines coming from President Trump out of this roughly ten minute speech we just heard from him in the oval office. Just the second time he has taken to the oval office in prime time to address the nation. The first being a 30 day travel restriction for all travel coming from europe into the United States. The president laying out just a couple of exceptions that we travel from the uk and travel from americans who have met certain standards but it will be a policy they review in time over the 30 day period that will begin friday at midnight. So about 51 hours from now. The second one of course a broad outline of the economic stimulus, the package however you want to describe it that the present books worth three main things he wants a Small Business administration to go forward with loans and is calling on congress to fund a 50 billion worth of what he described as low interest loans. We had been thinking or wondering it might be interestfree low interest he described it is hoping for a 50 billiondollar package of low interest loans he also said the administration would be open to deferring tax payments. I was told earlier this morning that those within the senior level of the Treasury Department back spread we heard the secretarytreasurer come out publicly for this today. Just for the president there say for those businesses and individuals who are negatively impacted, the tax deadline on april 15 who could pushed backwards. And third, the president said there should be an immediate payroll tax relief that the payroll tax holiday. The tricky part of that one for the president as there is not necessarily a full backing even of republicans here in washington whether that is needed first off but secondly when you talk about tax policy that means capitol hill is involved it is originated out of the house and thus the democrats would be involved. We did learn tonight nancy pelosi spoke with the Vice President , mike pence about an hour and a half ago along with doctor Anthony Fauci the top expert he said this is not a financial crisis, this is just a temporary moment of time we will overcome as a nation. And as a world. I was in the cabinet room earlier today with the president and those ceos of the seven largest banks. That was kind of esteem we had heard from the nations bankers this is not necessarily a parallel to the 2008 financial crisis that banks are liquid there is not liquidity worries we heard the president touch on that in his speech there was also a nod to the fact that even though this is not like 2008 there still tough times ahead and you heard the president there say the country in the world will get through. Looking ahead, one of the main questions in washington is what might this economic stimulus package look like . What can the administration and democrats come together on . But tonight clearly a different tone from the president saying this is something that Everyone Needs to come together on. Kennedy absolutely blake it was much more formal since the outbreak of the coronavirus. It seems the trajectory of the virus and that will meet the basements of the stock market. When we see those two points, things i think will start to normalize he was trying to calm investors fears by talking about the liquidity of banks and contrasting out 2008. Great points, blake berman. Coming up i am going to talk with amesh adalja and tim carney hes gonna help me come up with a proposal for the economy maybe thats you. Youve maybe got some money coming. That is next. Introducing schwab intelligent income. A simple, modern way to pay yourself from your portfolio. Tell us how much you have, and how long you need it to last. Well estimate how much you could spend. Then you can decide how youll spend it. Schwab manages the complexity with automated, taxsmart withdrawals. That you can start, stop or adjust at any time with no penalties. And you pay no advisory fee. Schwab intelligent income. Schwab. A modern approach to wealth management. Can we go get some ice cream . Alright, we gotta stop here first. 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The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. Kennedy welcome back with already had a very big night, President Trump announcing hes suspending all air travel from europe for a month. That starting friday at midnight. He also claimed move like this will help slow the spread of the virus, the coronavirus thats over talk about. Earlier today the director of the National Institute of allergy and Infectious Diseases doctor Anthony Fauci did not paint a rosy picture for congress today. Watch. We will see more cases and things will get worse than they are right now. Bottom line, it is going to get worse. Said that the president s announcement tonight sufficiently address the threat . Heres me tonight Infectious Disease specialist at John Hopkins University for Health Security at senior scholar, doctor amesh adalja. Welcome back thanks are having me. Kennedy lets talk about with the president was saying a 30 day suspension of flights from europe. We have seen an explosion of cases in italy, over 10000 cases. Is this a good move . What does it do to contain the virus customer. Generally travel bands dont have a lot of effectiveness. They often make things left much harder and we know it had a travel ban for china for some time and we still have cases we have trains and transmission in the United States of the problem now. Its not the imported cases we have unknown cases because our testing is behind schedule. I dont think that travel ban is justified and i think it may have negative consequences. But its good hes looking to reevaluate the travel ban from china and south korea. Some of the other things he said will be helpful to the response. I think he struck the right tone. Kennedy and south korea would seen a lower fatality rate because they tested so many people there. Now when we get the millions of tests that the cdc and the administration of been promising, will you actually see a lower fatality rate customer. That is what my hypothesis is. South korea has been testing more in a day that we have in this whole outbreak and they have had the fatality rate dropped to 0. 5. That still more significant that influenza. I gives you a little bit. Kennedy but is not three to 5 . Excluding not going to be three to 5 definitely less than 1 . Do want to get testing so we get the cf are the rate theres a lot of panic at a lot of actions being taken on a 3 idea based on a 0. 5 thats all behind us trapped in. Kennedy and you want to be careful. What im wondering from you, and i know opinions on this might shift by the day, but you see a lot of people, i have two kids ten and 14. They are very worried about the virus. Their counseling talk into the friends whether or not new York City Schools will be closed. My 10yearold is trying to make her own Hand Sanitizer at home. I want to calm their fears. So what can i tell them about antivirals and biologics and treatments like that versus vaccines, versus the sort of prophylactic masks imperial. What works best and what will work customer. Start with what will work for a while work maxima work. Antivirals theres a lot of hope they will cut red tape to get antivirals quicker were in several trials now and hopefully