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“A payroll tax cut through the end of the year is the best possible fiscal stimulus for combatting the coronavirus outbreak,” White House trade adviser Navarro told CNBC on Monday. 

Navarro further noted that he will be bringing an executive order to US President Trump that would reduce the US’ foreign dependency on medicines.

Market reaction

These comments failed to help market sentiment improve. As of writing, the 10-year US Treasury bond yield was down 22% on the day at 0.764%.

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