Trump addresses nation on coronavirus, restricts travel to Europe

President Donald Trump delivered a speech, laying down major plans to combat the coronavirus outbreak, including new travel restrictions to Europe.
10:57 | 03/12/20

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Transcript for Trump addresses nation on coronavirus, restricts travel to Europe
This is an ABC news special report. Dell reported George stuff. Good evening were coming in the air right now because president trump is about to address the nation from the oval office on the corona virus crisis. Kobe 191 reported in China on December 31 call a pandemic today by the World Health Organization. As a cascades across the globe would devastating consequences. It's in a 114 countries now more than a 125000. Cases in 4600 deaths. He only hit so hard their prime minister announced a nationwide lockdown tonight a halt to nearly all commercial activity. Here in the US almost thirteen hundred cases and 41 states but at least 36 deaths so far. And America's top expert on infectious disease doctor Anthony thought she told congress today bottom line it's going to get worse. The economic fallout already severe the stock market had another steep fall today now 20% off its record high in February. The official marker of a bear market. Warnings now a recession as travel and event cancellations school closings corporate slowdown in consumer fear ripple across the economy. He NCAA announced today that the annual March Madness turn and then we played an empty Arenas. And tonight the present expect the delay a proposed to shore up the economy and slow the spread of this virus. Here now the president. My fellow Americans. Tonight I want to speak with you about our nation's unprecedented response to the corona virus outbreak. That started in China and is now spreading throughout the world. Today the World Health Organization. Officially announced that this is a global pandemic. We have been in frequent contact with our allies and we are marshaling the full power of the federal government and the private sector to protect. The American people. This is the most aggressive and comprehensive effort to confront a foreign virus in modern history. I am confident that by county. And continuing to take in these tough measures. We will significantly reduce the threat to our citizens and we will ultimately and expeditiously. Defeat this Cyrus. From the beginning of time nations and people have faced under we're seeing challenges. Including large scale and very dangerous health threats. This is the way it always was and always will be. It only matters how you respond. And we are responding with great speed and professionalism. Our team is the best anywhere in the world at the very start of the outbreak we instituted sweeping travel restrictions on China. And put in place that he first federally mandated quarantined in over fifty years. We declared a public health emergency. And issued the highest level of travel warning. One other countries. As the virus to spread its horrible infections. And taking a fairly intense action we have seen dramatically fewer cases of the virus in the United States. Then and now president came here. The European Union failed to take the same precautions and restrict travel from China and other hot spots. As a result in large number of new clusters in the United States we're seated by travelers from Europe. After consulting with our top government health professionals high have decided to take several strong but necessary actions to protect the health. And well being of all Americans. To keep new cases from entering our assures. We will be suspending all travel from Europe to the United States for the next thirty days. The new rules will go into effect Friday at midnight these restrictions will be adjusted subject to conditions on the ground. There will be exemptions for Americans who have undergone appropriate screenings. And these prohibitions will not only applies to me tremendous amount of trade and cargo. But various other things as we get approval. Anything coming from Europe to the United States is what we are discussing these restrictions will also not apply to the United Kingdom. At the same time we are monitoring the situation in China and dissent. Careers then as they are situation improves we will reevaluate the restrictions and warnings. They're currently in place for a possible early opening. Earlier this week I met with the leaders of health insurance industry. Who have agreed to waive all co payments. For corona virus treatments they extend insurance coverage to these treatments and to prevent surprise medical billing. We are cutting massive amounts of red tape to make anti viral therapies available in record time. These treatments will significantly reduce the impact and reach of the virus. Additionally last week I signed into law. And eight point three million dollar funding bill. To help CDC and other government agencies fighting the virus and support vaccines treatments and distribution of medical supplies. Testing and testing capabilities. Are expanding rapidly. Day by day we are moving very quickly the vast majority of Americans. That risk is very very hello. Young and healthy people can expect to recover fully and quickly if they should get the virus the highest risk is for elderly population. With underlying health conditions. The elderly population must be very very careful. In particular we are strongly advising that nursing homes for the elderly suspend or medically unnecessary presence. In general older Americans should also avoid nonessential. Travel in crowded areas. From my administration is coordinating directly with communities with the largest outbreaks and we have. Issued guidance Olin school closures. Social distancing and reducing large gatherings. Smart action. To day will prevent the spread of the virus tomorrow. Every community faces different risks and it is critical for you. To follow the guidelines of you local officials who are working closely with our federal health experts and they are the best. For all Americans it is essential that everyone take extra precautions. And practice good hygiene. Each of us has a role to play in defeating this virus. Wash your hands clean of often use surfaces. Cover your face and mouth if you sneeze or cough. And most of all if you are sick or not feeling well stayed home. To ensure that. Working Americans impacted by the virus can stay home without fear of financial hardship. I will soon be taken emergency action which is unprecedented. To provide financial relief. This will be targeted for workers who are filled. Quarantined or caring for others due to corona virus. I will be asking congress to take a legislative action to extend this relief. Because of the economic policies that we have put into place. Over the last three years we have the greatest economy anywhere in the world by far. Our banks and financial institutions are fully capitalized. And incredibly strong and our unemployment is at a historical. This vast economic prosperity gives us flexibility reserves and resources to handle any threat that comes our way. This is not a financial crisis this is just a temporary moment of time. But we will overcome together as a nation and as a world. However to provide extra support for American workers families and businesses. Tonight I am announcing the following additional actions. I am instructing these Small Business Administration. To exercise available authority to provide capital and liquidity to firms affected by the corona virus. Effective immediately. ESP it will begin providing economic loans and affected states and territories. She's low interest loans will help small businesses overcome temporary economic disruptions. Caused by the virus. To this end I am asking congress to increase funding for this program by an additional fifty million dollars. Using emergency authority I will be instructing the treasury department of deferred tax payments. Without interest or penalties for certain individuals and businesses. Negatively impacted. This action will provide more than 200 million dollars in additional liquidity to the economy. Finally and calling on congress to provide Americans with immediate payroll tax relief. Hopefully they will consider this very strongly. We are at a critical time in the fight against the virus. We made a life saving move with early action on China. Now we must take the same action with Europe. We will not delay I will never hesitate to take any necessary steps to protect the lives health and safety of the American people. I will always put the well being of America first. If we are vigilant. And we can reduce the chance of infection which we will. We will significantly impede the transmission. Of the virus. The rest of the virus will not have any chance against us no nation is more prepared. More resilience in the United's days. We have the best economy. The most advanced health care and the most talented doctors scientists and researchers anywhere in the world. We are all in this together. We must put politics aside stop to partisanship. And unified together as one nation and one family. As history has proven time and time again Americans always rise to the challenge and overcome adversity. Our future remains brighter than anyone can imagine. Acting with compassion and love. We will healed the sick. Care for those in need help our fellow citizens and emerge from this challenge stronger and more unified than ever before. God bless you and god bless America.

This transcript has been automatically generated and may not be 100% accurate.

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