US President Trump: We can see the rays of light, we see that tunnel and light at the end

Ross J Burland FXStreet

US President Donald Trump has crossed the wires and said "we can see the rays of light, we see that tunnel and light at the end," with a view to open up the economy at the earliest opportunity.

Trump has also instructed his administration to at least temporarily halt funding to the World Health Organization (WHO) over its handling of the coronavirus pandemic. At a White House news conference, Trump also said that the WHO had "failed in its basic duty and it must be held accountable" and has accused the group of promoting China's "disinformation" about the virus that likely led to a wider outbreak of the virus than otherwise would have occurred.

Key comments

US President Trump: Instructing his administration to halt funding to world health organization.
Trump says we have deep concerns whether US generosity has been put to the best use possible at the WHO.
Trump says had the WHO done its job to get medical experts into China the coronavirus outbreak could have been contained.
Trump says we will continue to engage with the WHO.
US President Trump: Expect stock market to top records soon.
Trump says that may happen for some states before May 1
Trump will talk to goldman sachs jp morgan and citi group on phone call.
Says some states can open up very shortly, some almost immediately.
Says we are going to suggest that people be tested at state borders for coronavirus.
Says other states will have to take a longer period of time to open up.
Trump Hopes US deaths from coronavirus to be substantially under 100,000.

Market implications

Meanwhile, markets are looking through the COVID-19 risks and presume that the US economy will recover. The US benchmarks all finished in the green on Tuesday – more on that here: Wall Street Close: Bulls looking through the pain, seeing an economic recovery

However, governors and top health experts have recently been warning Trump that moving too quickly, with respect to getting the population back to work, could lead to a worsening of the coronavirus pandemic.

“I fear, if we open up too early and we have not sufficiently made that health recovery and cracked the back of this virus, that we could be pouring gasoline on the fire, even inadvertently,” Gov. Phil Murphy of New Jersey said on CNN’s “State of the Union.”

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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