Watch: President Trump Declares National Emergency Due to Coronavirus, Unveils Plan

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In an address to the nation Friday afternoon from the White House Rose Garden, President Donald Trump declared a national emergency to combat the coronavirus pandemic.

This move will open up funding—up to $50 billion in federal aid—to help fight the fast-spreading virus.

Trump had hinted that he would invoke the Stafford Act on Thursday.

In the press conference, Trump re-capped previous announcements, including banning travel from Europe for 30 days. He also asked all hospitals to activate their emergency preparedness plans.

Trump applauded medical diagnostic company Roche, which earlier today received emergency FDA authorization to begin mass-producing coronavirus testing kits. Trump said 500,000 kits will become available early next week.

Outside of Roche, corporate America was present in full force with CEOs of Target, CVS, Walgreens, Quest Diagnostics, Walmart and more all making statements.

On the virus, Trump said, “This will pass, and we’re going to be even stronger for it. We’ve learned a lot.”

As of Friday afternoon, over 2,000 cases and at least 41 deaths have been reported in the U.S.

Coronavirus has dominated headlines across the country and globe. Italy is on lockdown, with reports of doctors making life-or-death decisions on who to treat due to supply shortages and hospital overcrowding. Canadian Prime Minister Justin Trudeau’s wife, Sophie Trudeau, has the coronavirus and is in isolation.

For more of the latest coronavirus news and what it means for markets, check back on TheStreet.com.

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