After two days of the stock market tumbling, Trump took to Twitter Wednesday morning to blame the media and Democrats for causing undue alarm and harming American financial markets.
He singled out MSNBC and CNN for “doing everything possible to make the Caronavirus look as bad as possible, including panicking markets, if possible,” and added that ”incompetent Do Nothing Democrat comrades are all talk, no action.” He blamed part of this week’s stock market slide on people’s reaction to Tuesday night’s Democratic debate and the possibility one of those candidates might replace him. And Trump acknowledged that the outbreak could “have an impact on GDP” but insisted that the U.S. economy is still “doing great.”
The setting for Trump’s evening press conference — the White House press briefing room — was meant to offer a sense of calm and assurance by the president. It was only the second time in his presidency that Trump had spoken from the podium in that room, and aides acknowledged he was trying to underscore that he has the situation under control and understands the gravity.
In advance, Trump played down the mortality rate for a pathogen that has been confirmed to have killed 2,700 people globally. His top economic adviser, Larry Kudlow, echoed Trump’s outlook, saying Tuesday that the U.S. had “contained” the threat of a domestic outbreak.
Trump’s and Kudlow’s comments were at odds with warnings from Centers for Disease Control and Prevention officials who said American communities need to prepare now for when the disease starts spreading domestically. So far, there have been just 60 confirmed cases in the U.S.
“The messaging by the White House is unhelpful,” said Lawrence Gostin, a professor of global health law at Georgetown University. “What the White House is doing is conveying a sense of overconfidence. … Of course, we do want to maintain calm with the public, but it flies in the face of facts.”Trump’s public efforts to project calm masked a behind-the-scenes focus. During his 36-hour visit to India, Trump received briefings from staff and periodically checked the impact on Wall Street, tweeting at all hours to try to reassure Americans and the markets about the spread of the virus.
Trump expressed deep concern to aides about the effect on the markets, according to White House officials and Republicans close to the West Wing. Trump has tied his fortunes to Wall Street more closely than any of his recent predecessors and has made a strong economy his No. 1 argument for reelection.
As the media coverage of the virus has increased, Trump has grown concerned that even fears of an outbreak would stagger Wall Street, leading him to wonder aloud if Health and Human Services Secretary Alex Azar was the right person to lead the administration’s response, the officials said. Since the start of the crisis, Trump has been reluctant to blame China, where the virus originated, for fear of upsetting President Xi Jinping or damaging ongoing trade talks. But he is also fearful he could be accused of being unresponsive to the crisis. At the urging of a number of his internal and outside advisers, he directed the White House to adopt a more public presence, leading to a briefing by officials and emails to the press stressing the administration’s response. The virus has already shut Chinese factories that are part of the U.S. supply chain. Mark Zandi, an economist at Moody’s Analytics, estimated Wednesday that U.S. growth could slow to 1.7% this year — roughly the same level as in 2016. He said the situation could become worse if a pandemic emerges.
At Tuesday’s presidential debate, Mike Bloomberg claimed “there’s nobody here to figure out what the hell we should be doing.” Sen. Amy Klobuchar criticized Trump for trying to cut back funding of the CDC and the National Institutes of Health.