U.S. considering tax relief to respond to coronavirus outbreak - Mnuchin

The Trump administration is considering a range of steps to offset the economic impact of the fast-spreading coronavirus, including tax relief measures that could put hundreds of billions of dollars into the U.S. economy, U.S. Treasury Secretary Steven Mnuchin told lawmakers on Wednesday.

Mnuchin likened the outbreak to a hurricane, and that the costs needed to be picked up. But he said President Donald Trump felt strongly that U.S. companies needed to be protected, not bailed out.

He said the Trump administration was coordinating internationally, and emphasized that the situation would not go on "for years."