WASHINGTON (Pakistan Point News / Sputnik - 28th February, 2020) White House Economic Adviser Larry Kudlow said on Friday that the stock market may get worse amid uncertainty over the novel coronavirus outbreak.
"On the economic stock market point, it may change and it may worsen," Kudlow told reporters.
US stocks on Wall Street have drastically tumbled this week amid coronavirus fears. Earlier on Friday, the US stock market continued to decline with the Dow Jones Industrial Average dropping an additional 1,000 points, or 3.8 percent.
Kudlow said he believes that this week's decline in the stock market will not have a long term effect on the US economy.
Kudlow advised investors on Wall Street not to overreact with respect to the coronavirus crisis. He added that the Trump administration will stay its course on economic policies, including maintaining tariffs on China.
In addition, Kudlow said the G7 Summit meetings scheduled to take place in the United States in June are still on despite the virus outbreak.
Moreover, Kudlow addressed US media reports indicating the Trump administration is trying to filter messages from government health officials about the coronavirus outbreak in the United States.
"We're just trying to coordinate our messages," Kudlow told reporters. "No one's being stifled. No one's being told what to say."
The Trump administration has come under fire for downplaying health officials' assessment that it is highly likely, perhaps inevitable, that the virus will spread more broadly in the United States.
On Thursday, US Senator and Democratic presidential candidate Bernie Sanders accused the Trump administration of releasing "misleading, unscientific, and false information" about whether the coronavirus is controlled or when it will be controlled.
According to Johns Hopkins University's online coronavirus tracker, as of Friday, 60 cases have been confirmed in the United States which includes six people who have recovered. The tool maps coronavirus cases across the globe pulling data from CDC, WHO, and European and Chinese health agencies.
The coronavirus disease was first reported in the Chinese city of Wuhan in late December and has so far infected more than 83,700 people, resulting in the deaths of over 2,850 people. Over a third of the people who have contracted the disease have since been cured, including more than 3,770 individuals over the last 24 hours.
