Lawrence Kudlow, Director of the National Economic Council under President Donald Trump, said on Friday that the foundation of the U.S. economy is pretty firm but the government is still considering some extra steps to support local businesses during and after the COVID-19 pandemic. He also said that there is no reason to panic about the stock market crash.
He gave a bunch of interviews on that day and in each of them he reiterated that it's too premature to estimate the consequences, including the rate at which the U.S. economy will eventually slow down. However, he assured everyone that the economy will not fall into another recession.
He also urged international investors to avoid overreacting about the situation in the international financial markets, including the U.S. stock market. He also noticed that savvy investors are now buying cheap in order to profit when the situation improves and the market recovers.
The Washington Post, with reference to the White House, reports that Trump's administration is considering tax incentives for the companies running into losses because of the pandemic, especially those that belong to airlines and tourist business.
Previously, on Friday, President Trump signed a bill, which will allocate 8,3 billion dollars to fight the coronavirus. He promised that the markets would restore and urged the Fed to cut the interest rates and stimulate the national economy.
