MINNEAPOLIS (AP) — President Donald Trump on Wednesday moved to invoke a federal law that allows the government to marshal the private sector to fight the coronavirus epidemic, as the economic damage mounted with word that Detroit’s Big Three automakers agreed to shut down all their factories to protect workers.
On a day of head-spinning developments, stocks tumbled again on Wall Street, falling so fast they triggered another automatic trading halt. More borders slammed shut across Europe and North America, with the U.S. and Canada agreeing to close their shared boundary to all but essential travel. And the Trump administration pressed Congress to swiftly pass a potentially $1 trillion rescue package to prop up the economy and speed relief checks to Americans in a matter of weeks.
Calling himself a “wartime president,” Trump said he would sign the Defense Production Act “in case we need it” to deal with an expected surge in cases of the virus. The law gives the president extraordinary authority to get industries to expand production and turn out vital materials.
The news came as scientists announced the virus has infected more than 200,000 people worldwide and killed over 8,000, while the United Nations warned that the global fallout from the outbreak could cost nearly 25 million job losses around the world.
Around the globe, officials took increasingly drastic measures to fight the epidemic and the threat of a recession. California’s governor warned grimly that martial law could be imposed, while the mayor of New York said the city’s 8.6 million residents should be prepared for a near-complete lockdown. Czech authorities used emergency powers to raid a warehouse and seize hundreds of thousands of face masks.
With a growing number of Americans thrown out of work by the near-shutdown of much of the U.S. economy, Trump also said the Housing and Urban Development Department will suspend foreclosures and evictions from public housing through April.
Two people briefed on the matter said Wednesday that Ford, General Motors and Fiat Chrysler agreed to close their factories. The two spoke on condition of anonymity because the closings had not been announced. The move would idle about 150,000 workers, who are likely to receive supplemental pay in addition to unemployment benefits.
