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Economics

Trump Floats Payroll Tax Cut After Market Plunged on Virus Fears

  • President says he’ll announce ‘major’ economic steps Tuesday
  • U.S. stocks plunged more than 7.5% on Monday over virus fears
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WATCH: Trump said his administration will discuss a possible payroll tax cut with the Senate.(Source: Bloomberg)
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President Donald Trump said Monday he will seek a payroll tax cut and “very substantial relief” for industries that have been hit by the virus, reversing course on the need for economic stimulus hours after markets posted their worst losses in more than a decade.

Trump, speaking at a White House news conference, said that he plans to announce “very dramatic” actions to support the economy at a press conference on Tuesday following discussions with lawmakers. “I will be here tomorrow afternoon to let you know about some of the economic steps, which will be major,” Trump said.