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Trump’s Bungled Coronavirus Address Sends Stocks Tumbling; Carnival Docks 18 Cruise Ships

John Wright March 12, 2020 Leave a Comment

Hours after the Dow Jones Industrial Average entered a bear market for the first time since the 2008 financial crisis, President Donald Trump made matters worse during a primetime address to the nation.

Larry Kudlow: "I have long believed that stock markets are the best barometer of the health, wealth and security of a nation." (They aren't, but still.) pic.twitter.com/zodXjktTCJ

— Paul Krugman (@paulkrugman) March 12, 2020

CNN reports: US President Donald Trump took to the airwaves on Wednesday in an attempt to assure the American public that the coronavirus pandemic was under control. Instead, he announced a shock ban on travel from Europe while failing to deliver the comprehensive economic and medical response to the outbreak that investors are craving. Trump’s address has taken the floor out from stocks. Dow futures are off more than 1,200 points, or 5.1%. S&P 500 futures bumped up against their daily 5% loss limit before rebounding slightly. Nasdaq Composite futures are down 4.7%.

🚨The White House is currently walking back *three* false policy announcements Trump made during his nationally televised address. pic.twitter.com/W1WbWCygGI

— Corey Ciorciari (@CoreyCiorciari) March 12, 2020

More from Business Insider: The drop-off came after President Donald Trump announced several steps the US will take to respond to the coronavirus pandemic. Trump said the US will ban all travel from Europe by non-US citizens for thirty days. He added that the “prohibitions will not only apply to the tremendous amounts 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.” But the White House and the president himself scrambled to clarify his comments as futures tanked in response to his announcement. “Hoping to get the payroll tax cut approved by both Republicans and Democrats, and please remember, very important for all countries & businesses to know that trade will in no way be affected by the 30-day restriction on travel from Europe. The restriction stops people not goods,” Trump tweeted, contradicting his earlier remarks.

In related news, Carnival’s Princess Cruises announced Thursday it is suspending all operations on 18 ships for two months due to concerns over coronavirus. The announcement sent Carinval shares down 22 percent in pre-market trading.

Trump, who has been relentlessly mocking Biden for his gaffes, just announced in an Oval Office address that he is banning goods trade from Europe although he is not banning goods trade from Europe.

— Daniel Dale (@ddale8) March 12, 2020

The official White House transcript is clear: Trump said “all travel” and “trade and cargo” are included in Europe travel ban. The DHS ‘clarification’ is completely contrary to Trump’s own words. pic.twitter.com/KphVASpPPx

— Matt McDermott (@mattmfm) March 12, 2020

It would have taken far fewer tweets to count the things Trump got right in his speech than the things he got wrong & that required almost immediate clarification. All that while reading from a prompter. https://t.co/7yvDTZ55ci

— Joyce Alene (@JoyceWhiteVance) March 12, 2020

Topics: Business, towleroad, Travel

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