Economy

Trump ends his talks until after the 2020 elections

President Donald Trump On Tuesday, he said he had told his administration’s negotiators to end coronavirus stimulus talks with Democrats until after the November 3 election.

The announcement, if followed by the White House, would halt the ongoing push to send trillions of additional dollars in relief to Americans as the outbreak in the United States and the economy struggled to recover from virus-related lockdowns. Chancellor of the Exchequer Stephen Mnuchin And the Speaker of the House of Representatives Nancy Pelosi Talk for an hour about the relief package on Monday and plan to talk again Tuesday. Trump had urged the parties just three days before to complete the deal.

“I have instructed my representatives to stop negotiating until after the election, and right after I win, we will pass a major stimulus bill that focuses on hardworking Americans and small businesses,” Trump wrote on Twitter on Tuesday.

The president added that he asked the majority leader in the Senate Mitch McConnell To “full-time focus” on the assertion of Supreme Court nominee Amy Connie Barrett. Trump card I spoke with Republican congressional leaders about the stimulus plans earlier today.

Pelosi said in a statement in response to Trump’s tweets, that Trump “has shown his true colors: placing himself first at the expense of the country, with the full complicity of members of the Republican Party in Congress.” She added, “The departure from the Coronavirus talks shows that President Trump is unwilling to eradicate the virus.”

Investors sanctioned stocks in response to Trump’s tweets. The Dow Jones Industrial Average fell more than 300 points, about 1.1%, in the minutes following the announcement.

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Although the talks have made little progress for several months, traders have grown more hopeful that the two sides will be able to reach an agreement before the election as many individuals and companies suffer during the ongoing outbreak.

Congress failed to provide new relief funds to individuals for several months as millions of Americans were left unemployed due to the pandemic in order to pay for food, rent and other living costs. The lifeline that supported the economy throughout the early stages of the pandemic, including unemployment benefits of $ 600 per week and the window to apply for small business loans from the Salary Protection Program, passed weeks ago.

In his tweets Tuesday, Trump appeared to argue that the US economy does not need more stimulus. He wrote, “We are leading the world in economic recovery, and the best is yet!”

While the United States quickly regained many of the jobs it lost earlier this year, the nonfarm payroll gains were weaker than expected at 661,000 in September. It raised more concerns about a slowdown in the US economic recovery. The unemployment rate came in at 7.9%, which is still significantly higher than it was before the outbreak.

Trump’s bid to halt the negotiations came just hours after Fed Chairman Jerome Powell He urged Congress to approve more fiscal stimulus. He said the lack of sustainable support from the federal government could “lead to a weak recovery and create unnecessary hardship for families and businesses.”

The president decided to withdraw from negotiations just weeks before an election in which his fight to contain the spread of the virus and curb the economic damage hurt his chances of winning a second term in the White House. Former Vice President Joe BidenSupporting more stimulus, he criticized the president for failing to limit the economic devastation caused by the coronavirus.

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Jared Bernstein, Biden’s former economic advisor and unofficial advisor to his presidential campaign, criticized the president for postponing the talks.

“With millions of people already facing hunger and evictions, and with job growth shrinking, this is not the time for the president to stop negotiating,” he said. “His lack of leadership throughout the process was a major stumbling block and he continues to be.”

Democrats and the Trump administration struggled to agree on what terms a fifth aid package would include and how much the proposal would cost.

This is breaking news. . Please check back for updates

Thelma Binder

"Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff."

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