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U.S. indexes down 7 percent, Trump eyes payroll tax relief in response to Wuhan coronavirus

Christian Fernsby |
U.S. President Donald Trump said yesterday that his administration will ask Congress to approve a possible payroll tax cut and provide "very substantial relief" for hourly workers and industries hit by Wuhan coronavirus outbreak.

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Topics: U.S.    TRUMP    WUHAN    CORONAVIRUS   

"We are going to be asking tomorrow we're seeing the Senate. We're going to be meeting with House Republicans ... and discussing a possible payroll tax cut or relief," Trump said on a White House press conference.

"We're also going to be talking about hourly wage earners getting help so that they can be in a position where they're not going to ever miss a paycheck," said the president.

Trump also said the administration would ask the Small Business Administration to aid small businesses, while working with companies in the airline and cruise industries to deal with the impact of Wuhan coronavirus.

"This was something that we were thrown into and we're going to handle it," Trump said, adding that he and other White House officials will hold a press conference on Tuesday to discuss "major" economic proposals.

Trump's made the remarks after all three major U.S. stock indexes plunged more than 7 percent yesterday, as fears fanned by the virus are mounting around the country, where more than 600 cases and over 20 deaths have been reported as yesternday, according to real time data maintained by the Center for Systems Science and Engineering at Johns Hopkins University.

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