U.S. President Donald Trump imposed strict 30-day travel restrictions from Europe, in response to mounting pressure to take action against the spread of the fast-growing Coronavirus that disrupts almost all corners of the daily life of the United States.
"We are marshaling the full authority of the federal government and the private sector to protect the American people," Trump said in a televised address from the Oval Office on Wednesday.
Trump said that the travel restriction order, which begins at midnight on Friday, does not apply to Britain or to Americans who undergo "appropriate checks".
After creating confusion by proposing to suspend trade with Europe, Trump made it clear that "trade will not be affected in any way."
He said on Twitter moments after his speech: "Restriction prohibits people, not goods."
Sudden restrictions led to financial markets faltering, as the Euro Stoxx 50 index fell 8.3% to its lowest level since mid-2016, and US equity futures fell more than 4%.
Analysts said the restrictions would put additional pressure on airlines that are already suffering from the Corona virus, which will hit European carriers severely.
In an effort to reduce the economic impact of the spread of the virus and restrictions, Trump instructed the Treasury Department to postpone tax payments without interest or penalties to some commercial companies and individuals affected by the health crisis.
The president also said that he would take emergency measures to provide financial relief for sick, isolated, or caring for others because of SK. He said he directs the management of small businesses to provide capital and liquidity to companies affected by the virus, including low-interest loans.
