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Trump attempts to quell Wall Street fears of coronavirus spread, says 'it's going to work out fine'

Posted at 10:33 AM, Feb 25, 2020

President Donald Trump attempted to slow global market fears about the worldwide spread of COVID-19, better known as the coronavirus on Tuesday in a press conference from India.

"I think it's going to be under control and it's going to work out fine," Trump said.

Trump's comments came after the Dow Jones Industrial Average lost more than 1,000 points in trading on Monday, as quarantines around the world slowed trading in China, South Korea, Japan and Italy.

"The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries," Trump tweeted after close of business Monday. "CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!"

The Dow remained down in early trading Tuesday with a 200-point loss as of 11 a.m. ET.

Trump also took issue with a request from Sen. Chuck Schumer, D-New York, for more funding to fight the spread of COVID-19.

On Tuesday, the White House asked Congress to allocate $2.5 billion in order to accelerate efforts to develop a vaccine and support response activities and purchase new equipment. However, both Schumer and House Speaker Nancy Pelosi said the request would be inadequate

"Cryin' Chuck Schumer is complaining, for publicity purposes only, that I should be asking for more money than $2.5 Billion to prepare for Coronavirus," Trump tweeted. "If I asked for more he would say it is too much. He didn't like my early travel closings. I was right. He is incompetent!"

Trump is currently conducting a state visit to India, which he'll wrap up Tuesday before returning to Washington.