(Kitco News) The gold market continued to see losses Wednesday afternoon because the S&P 500 dropped 7% and halted buying and selling for 15 minutes after triggering the ‘circuit breaker’.
One other chaotic day within the markets noticed U.S.-Canada border closed to non-essential journey after each U.S. President Donald Trump and Canada’s Prime Minister Justin Trudeau each introduced the brand new measures on Wednesday morning.
“We can be, by mutual consent, briefly closing our Northern Border with Canada to non-essential visitors. Commerce is not going to be affected,” Trump wrote.
The Trump administration stated it is going to be invoking the Protection Manufacturing Act, which can permit the U.S. authorities to hurry up manufacturing of medical gear, together with masks, respirators, and ventilators.
“We’re going to defeat the invisible enemy,” stated Trump on Wednesday afternoon.
Reuters additionally reported that Trump has requested Congress to approve $500 billion in money funds to taxpayers, citing a doc seen by the company.
The cash can be authorized in two rounds and launched on April 6. Additionally, $50 billion can be devoted in secured loans to U.S. airways to assist them cope with the shutdowns associated with the coronavirus outbreak, Reuters stated.
Trudeau additionally introduced new “extraordinary measures”, introducing a C$27 billion ($18.6 billion) in stimulus that can go on to Canadian households and companies struggling because of the coronavirus outbreak. One other C$55 billion can be devoted to assist companies and households through tax deferrals.
Hedge fund supervisor Invoice Ackman spoke out on Wednesday, telling Trump on Twitter to close down the U.S. for 30 days to assist include the virus.
“Mr. President, the one reply is to close down the nation for the following 30 days and shut the borders. Inform all Individuals that you’re placing us on an prolonged Spring Break at dwelling with household,” Ackman wrote on Twitter.
Mr. President, the second you ship everybody dwelling for Spring Break and shut the borders, the an infection fee will plummet, the inventory market will soar, and the clouds will elevate. We’d like your management now!
— Invoice Ackman (@BillAckman) March 18, 2020
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