Trump to resume Covid-19 relief bill talks after elections
Nov 18 2020
However, a broad market sell-off took place after the President said he would end negotiations on a new fiscal stimulus package until after the U.S. election in November and would instead focus on moving ahead with Amy Coney Barrett's confirmation to the Supreme Court.
Trump announced his decision on Twitter, accusing House Speaker Nancy Pelosi of "not negotiating in good faith", and said he won't deal on Covid relief further until the 2020 election is over, specifically "after I win".
"Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans, " he tweeted one day after leaving hospital, the BBC reported.
He added that he had instructed Republican Senate Majority Leader Mitch McConnell to focus efforts on confirming his Supreme Court nominee Amy Coney Barrett. Our Economy is doing very well.
All the major USA indices were firmly in the red at the close on Tuesday after Donald Trumpcalled for stimulus talks to be halted until after the elections.
He went on to falsely state that the stock market is at "record levels". "It looks increasingly like something's going to get done", said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.Unofficially, the Dow Jones Industrial Average rose 460.47 points, or 1.66%, to 28,143.28, the S&P 500 gained 59.32 points, or 1.77%, to 3,407.76 and the Nasdaq Composite added 255.26 points, or 2.3%, to 11,330.28.
On the macro front, the United States trade deficit in goods and services continued to grow in August, according to the Commerce Department, growing 5.9% month-on-month to $67.1bn - the highest monthly level since 2006. "Sadly, they are rejecting the urgent warnings of Fed Chairman Powell today", she said.
Pelosi accused Trump of "putting himself first at the expense of the country".
That deceleration is attributed by many economists to the waning effects of almost $3 trillion in federal virus relief aid that Congress passed in March and April. Layoffs remain stubbornly high, and many workers who were furloughed are finding that their job losses are becoming permanent.