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Trump freezes talks on plan to support US economy until presidential election

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Trump Freezes Talks On Plan To Support Us Economy Until Presidential Election

The American president froze talk, until the presidential election of November 3 in the United States, the negotiations between his administration and the elected Democrats of Congress on a vast plan to support the American economy, causing concern among investors .

Two months of intense negotiations, reduced to nothing in a single tweet. “I have instructed my representatives to stop negotiating until the election is over and immediately after I win we will pass a great Support Act that will focus on working Americans. hard and small businesses, ”wrote the US president on Twitter, the day after his return to the White House after three days in hospital due to his contamination with Covid-19.

The twist comes as the Speaker of the Democratic-majority House of Representatives on Sunday reported progress in talks with the Trump administration to adopt a new plan after the more than $ 3 trillion already voted by Congress this past year in the face of the economic crisis caused by the epidemic. Nancy Pelosi accused the US president on Twitter of showing “his true nature: to think of him first at the expense of the country”.

Weakness feeds on weakness

The US president’s announcement follows statements from US Central Bank President Jerome Powell who, a few hours earlier, warned of the disastrous consequences that threatened the US economy without additional help for households and businesses. “It could trigger a typical recession dynamic, as weakness feeds on weakness,” he said. “A long period of unnecessarily slow progress could continue to exacerbate the existing disparities in our economy (…) it would be tragic,” Jerome Powell warned.

While the markets have been hoping for weeks for the adoption of such a plan to support the American economy, Donald Trump’s announcement has had the effect of a cold shower and Wall Street has turned into the red. At market close, the Dow Jones lost 1.34%, the Nasdaq 1.57% and the S&P 500 1.40%

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