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US President Donald Trump said on Wednesday that the potential for a 20% unemployment amid the coronavirus outbreak was a “worst-case scenario” and added that they were nowhere near it.

“The government is ordering thousands and thousands of ventilators,” Trump added. “The US is not closing the border with Mexico but is invoking a provision to allow great latitude as to what we do.”

Market reaction

These comments from Trump failed to prevent the S&P 500 Index hitting the level-one circuit breaker with a 7% loss on Wednesday. Trading in US stocks is suspended at the moment.