Trump made the announcement in an Oval Office address to the nation, blaming the European Union for not acting quickly enough to address the novel coronavirus and saying U.S. clusters were “seeded” by European travelers.
Trump said the restrictions won't apply to the United Kingdom and the U.S. would monitor the situation to determine if travel could be reopened earlier.
Trump said “we are marshalling the full power” of the government and private sector to protect the American people.
He also shared that he was ready to provide financial support for those economically affected by the COVID-19 outbreak.
"To provide extra support for American workers, families and businesses, tonight I am announcing the following additional actions: I am instructing the small business administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. Effective immediately, the SBA will begin providing economic loans in affected states and territories. These low-interest loans will helps small businesses overcome temporary economic disruptions caused by the virus."
The president went on to say he was requesting congress to increase funding for the program by an additional $50 billion.
He also said: "Using emergency authority, I will be instructing the treasury department to defer tax payments, without interest or penalties for certain individuals and businesses negatively impacted." The president said this would provide more than $200 billion in additional liquidity to the economy.
He also called for congress to provide Americans with immediate payroll tax relief.