MNI POLICY: Mnuchin Says Considering "All Options" On Virus

By Brooke Migdon

     WASHINGTON (MNI) - Treasury Secretary Steven Mnuchin said Tuesday that the

U.S. government is considering "all options" to address the coronavirus's recent

spread in the U.S., potentially preparing to suspend tariffs on imports from

China and Europe and working with Congress on an emergency funding package.

     President Donald Trump and his administration are "closely monitoring" the

novel coronavirus's effects on U.S. supply chains, markets, and public health,

Mnuchin said while testifying in front of the House Committee on Ways and Means.

Additionally, a Group of Seven call between Finance Ministers and Central

Bankers early Tuesday morning yielded an international commitment to "do

everything possible to limit the spread of the virus and limit the harm that it

causes," he said.

     When asked if the administration is considering implementing temporary

measures like tariff suspensions on goods coming from Europe and China, Mnuchin

said nothing will be completely ruled out as the virus progresses, though the

U.S. government is also preparing to work with Congress on an emergency funding

package.

     Still, Mnuchin said the U.S. economy is a "bright spot" on the world stage

and will remain "very resilient" as the nation "goes into the experience of the

coronavirus."

     Mnuchin said a U.S. coronavirus task force, which includes himself and

business leaders like White House Economic Advisor Larry Kudlow, is planning on

issuing close to one million coronavirus test kits "very soon," and though there

is currently no set timeline for the release, it is a "top priority" for the

administration. Mnuchin said the quality of test kits is being closely

monitored.

     U.S. leadership has been criticized for failing to coordinate a response to

the spread of the virus, which has infected more than 100 people nationwide and

killed six in Washington State as of Tuesday morning, according to a real-time

metric developed by Johns Hopkins University.

     Health Secretary Alex Azar was dismissed from his role as leader of the

United States' coronavirus response last week following testing delays and a

spike in confirmed coronavirus cases. Trump announced soon after that Azar would

be replaced by Vice President Mike Pence, though Azar remains head of HHS.

     The Trump administration's 2021 budget proposes a 16% budget cut to the

Centers for Disease Control and Prevention, a federal agency under the Health

Department responding to the coronavirus outbreak in the U.S.

--MNI Washington Bureau; +1 202 371 2121; email: brooke.migdon@marketnews.com

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