A Clearly Rattled Trump Bans All Travel From EU Starting Friday

Mish

President Trump addressed the nation a few moments ago. It was not a reassuring moment.

President Trump was clearly rattled and nervous as he addressed the nation tonight regarding the coronavirus.

Trump banned all travel from Europe, except the UK, starting travel. This seems to apply to shipments of goods as well. "Anything coming from Europe to the United States is what we are discussing,” said Trump.

The WSJ commented "The president suggested the restrictions would apply to goods shipped into the U.S. from Europe."

If so, the supply chain disruptions will be staggering.

Already, the ISM says 75% of Companies Suffer From Coronavirus Supply Chain Disruptions . This will compound the disruptions.

Note: Trump was not very clear as I am now told "White House has clarified that the Europe ban DOES NOT apply to goods and trade reports."

Did Trump make a mistake with an ad-lib?

His speech was accompanied by heavy breathing at times. It was clear he did not want to be saying what he was saying.

Despite his travel ban on Italy which should have come earlier, he blamed the EU tonight for not acting soon enough or strong enough.

"Taking early intense action, we have seen dramatically fewer cases of the virus in the United states than are now present in Europe. The European Union failed to take the same precautions and restrict travel from China and other hotspots."

Trump displayed no empathy for Italy and little for US citizens.

His own assurances as recently as a week ago that the coronavirus was no big deal can now readily be seen as lies. He was forced to walk back recommendations that people can go to work. Trump offered small business loans for those impacted.

But loans are loans, they have to be paid back. The loss of profits and wages on those impacted will be enormous, especially on importers and exporters dependent on the EU.

Yet, in another feeble attempt to downplay the significance of what's going on, Trump called this a “temporary moment in time that we will overcome as a nation, and as a world.”

Full Speech Video - Please Play

Futures Reaction

I do not know what tomorrow will bring, but the futures are reacting strongly now with the Nasdaq and S&P down nearly 4%.

Trump's speech did not go over well and was not reassuring to say the least.

A recession has started.

Mike "Mish" Shedlock

Comments (122)
No. 1-30
Ted R
Ted R

Hard to tell if he was more worried about the virus or the economy.

tokidoki
tokidoki

He was probably more rattled by Tom Hanks and wife getting the virus. He now realizes that being "up there" does not protect one from getting it ;)

This is one enemy Trump can not:

  1. Throw a temper tantrum at.
  2. Browbeat with a Twitter Storm
  3. Threaten with tariffs.

Next week: he'll call his "good friend" President Xi to roll back the trade tariffs in exchange for medical supplies.

tz3
tz3

Precisely what would you do if a deadly virus was in other countries, and they were NOT screening to prevent it from spreading?

Scott Adams calls this a halfpinion - when you don't provide an alternative when someone tries to do something about an extant problem.

Stuki
Stuki

The upside to Trump being crazy, is that while he is more likely to claim it's just the flu, he is also more likely than "reasonable" European heads of state to lock the whole population into their apartments, and fog the whole continent on a continuous basis.

Wonder if his ambiguity wrt goods, is due to classified briefings by researchers, finding viruses still active in packages coming in all the way from overseas...

abend237-04
abend237-04

Mommy, make it stop! Can't we just throw a couple hundred billion more on the AGW bonfire and make it go away?

shamrock
shamrock

He was breathing heavily? Has he been tested?

shamrock
shamrock

So in the mother of all fuck ups, Rudy Gorbet of the Utah Jazz made a point of touching every microphone in the room after a game on Monday to mock fear of covid-19. You guessed it, he tested positive tonight and forced the NBA to cancel all games for the foreseeable future.

JohnB99
JohnB99

The health Minister of england tested positive. She shook hands with most of parliament and was with BJ for 1/2 a day while contagious. Glad Trump can still play golf there!

Carl_R
Carl_R

All I know is that if they are classifying information, it must be worse than they are telling us. That has to scare the market. I'm thinking more like 10% down than 4% down. You re-assure people by being open and honest. You scare people by telling them there are things so bad that they can't be told.

Russell J
Russell J

I'd bet he's got the Wuhan virus. That doesn't look or sound like someone who's just uncomfortable, it looks like someone who's sick.

Realist
Realist

I watched the speech and reaction to it on CNN. I was very interested in Dr. Sanjay Gupta explaining the number of CV tests carried out by the CDC yesterday: zero. The number of CV tests by all government labs: eight. These numbers came from the CDC website. He did not have any other numbers.

Facts only
Facts only

One of the staffers for a US Senator just tested positive

Tengen
Tengen

Part of me wants to make fun of this new Low Energy Donald but bad news is rolling in too fast to be flippant.

Heading out this evening to stock up on more stuff, don't want to be caught off guard in the event of a quarantine or travel restriction.

abend237-04
abend237-04

I see a new problem looming for the equity markets: negative prices. There are definitely a few in the S&P you'd have to pay me to take now, and I'm not sure the front-running algo servers are set up to handle negative pricing...

Six000mileyear
Six000mileyear

If Trump was going to ban all flights and packages from Europe, then he should have banned all entry into the US. If someone can fly into Canada and Mexico, they can cross into the US by land.

Realist
Realist

Dr. Brian Monahan, the attending physician of Congress and the U.S. Supreme Court, said he expects 70 million to 150 million people in the United States will become infected with COVID-19, NBC News reported Wednesday, citing two sources.

Monahan made the comments to Senate staff during a closed-door meeting Tuesday afternoon, according to NBC News. The meeting did not include senators and was for administrative office staff and personnel from both parties, NBC News reported.

tokidoki
tokidoki

Trump and Pence both have vaccines.

The coronavirus has done little to deter Donald Trump from shaking hands with his fans - despite official advice telling people to avoid the greeting.

A video has emerged showing the 73-year-old US president enthusiastically shaking hands with a crowd of supporters shouting "we love you" and "good job" after touching down in Florida.

Mike Pence, the vice-president, has previously said neither he nor Mr Trump will stop shaking hands, despite authorities advising against it.

crazyworld
crazyworld
  1. Trump has apparently a problem for breathing and show symptoms of a cold. It could be tiredness or a real cold but be warned that the first Covid-19 virus infection symptoms (if any) are simply cold symptoms (no fever..)
  2. The coronavirus is indeed not the same type of virus than the flu (grip) this latter is an orthomyxovirus but they both share many common characteristics including the fact that they are RNA virus.
    On the other hand, the very infectious yearly cold is typically a coronavirus.
  3. the problem we have here is that this very infectious covid-19 "cold virus" has mutated into what is called a SARS sub-type meaning that it may cause very severe respiratory syndrome (pneumonia) to a sizable proportion of the infected population.
  4. On top of that it has been claimed by some Chinese report that it possess particular fusion proteins. These proteins (SP) located in the crown are used to fuse the capsule of the virus with the cell membrane in order for it to inject its genetic material made of RNA. The Chinese report claim that the SP proteins here are of a special type similar to the HIV coronavirus with the result that these proteins dont enter into the cell. This fact reduce the immune system reaction and allow almost asymptomatic peoples to transmit the virus.

Anyway, we shall know very soon if Trump is infected or not, but that is a great decision from the US. Over here in Europe we are in this mess mainly because

  1. Italy did not activate properly such a travel ban with China
  2. The other countries did not activate (including the US) such a travel ban with Italy earlier, that is when everybody noticed that Italy had turned into a second source of infection after China (two weeks ago at least).

As i wrote here about some weeks ago, containment measures are a must in every country and the service economy is the first to be doomed.

Any way,

Casual_Observer
Casual_Observer

Pandemic Viruses don't discriminate and they are real and ot fake. Maybe this is what it will take for Trump to deal with reality.

AshH
AshH

Hey, just woke up from a 30-day nap and noticed the trade deficit with China is way down. So it looks like Trump's tariffs are finally working?

Did I miss anything else?

Kimbo252
Kimbo252

Lol,
the Orange Muppet will be eating most of his lies,probably within a month at most.Truly deserving of Lead Circus Clown .

TH_Lima
TH_Lima

Is it weakness rob pivot when you realise you've effed up?! 🤔

Gd luck, frens in US, Europe (and the UK); stay safe.

amigator
amigator

We are missing the major part elimination of the Payroll Tax revisions. A tax cut that will impact more than the top 1%. This is a major move in draining the swamp something Trump has promised to do! Needs to push this hard. Instant relief to all working Americans and businesses. No time to talk about fiscal responsibilities that bus left the station many years ago!

mrutkaus
mrutkaus

I wonder what a corona virus amelioration effort among homeless, non-insured, and/or non-working people would involve cost wise compared to the cost of not including them in testing, treatment, and some financial support?

That is, surely ignoring the virus repository among millions of people would have measurable costs to the nation over time (continued reinfection, ER use, lack of cheap labor), and what would be the ROI (sorry for crassness) in taking care of them?

RonJ
RonJ

"His own assurances as recently as a week ago that the coronavirus was no big deal can now readily be seen as lies. He was forced to walk back recommendations that people can go to work."

Democrats who run L.A. County declared an emergency on March 4. They did not ban people from going to work. Mayor Garcetti mentioned something about elevator buttons.

Bill Smit
Bill Smit

Love the Trump Hating, 1-Man Babble Band, The Mish. Watching him on Kaiser Report is painful. No solutions to put forth just nasty opinion on a Man/Trump concerned with the USA and the Job he is attempting to do with some pride, ideas and empathy. The deep state has now fathomed a "Poison Story" to shut us down and with the help of the media we can now watch our High School Kids Sports via Close Circuit TV. What would you do Mish?, nothing most likely. You're a complainer and critic sitting in a small room and getting 80 replies per article. My last comment you deleted. You are so hands on since you have no Staff. Your article is a "Feeble Attempt" to criticize but provide no solutions. Bite it and "Breath Heavily".

Zardoz
Zardoz

The stock market is clearly not impressed with trumpy’s waffling and pency’s prayer group.

Casual_Observer
Casual_Observer

Most of the cases to the US actually came through cruise ships. But the cruise ship industry is allowed to operate as usual. I agreed with the travel ban but the cruise ships also need to stop until the virus is under control.

William Janes
William Janes

Could always be worse, the citizens of Russia are completely in the dark. Health care system in Russia is atrocious. One has to wonder if Putin is hiding the Russian epidemic?

RayLopez
RayLopez

Philippines president Duterte, Trump fan boy who preceded Trump by 9 months getting elected in 2016 on a rock-the-boat platform, not to mention part time reputed drug lord and traitor to his own country (rumored to be bought by China to give up the territorial claims of PH recognized by the United Nations intl law) aped Trump today (3/12/20) by closing Manila for 30 days starting Sunday to all travel (even cars to and from the city). Trouble is, there's panic hoarding says my girl there (I'm in Greece now, my flight to Manila canceled) and who wants to be stuck in a city of around 30M people in a radius of about 100 km / 63 miles, rapidly being infected? So my girl is going to get out of town with her friends and relatives before the Sunday lockdown. Might happen in the USA, as has happened in north Italy, too. DJ-30 to 10k...soon.


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