Coronavirus update: Trade with Europe isn’t part of U.S. travel ban

“The restriction stops people not goods,” President Donald Trump tweeted, in part, after his Oval Office address where he announced travel restrictions with much of Europe as part of his strategy to curb the spread of the coronavirus outbreak.

His speech Wednesday night mentioned the travel ban and trade at the same time, making it unclear if the U.S. intended to shut down imports and exports with Europe. The policy restricts travel, not commerce. And American travelers can fly to and from Europe, but they would face health screenings under certain conditions.

Regardless, the limits that all nations are taking to curb travel and the spread of COVID-19, the coronavirus disease, are taking a toll on the global economy. See recent headlines below.

Spend Matters plans to help businesses react to the coronavirus fallout by focusing our analyst coverage of ways that companies can plan and gain visibility into their supply chains and mitigate risks. Check back later today and in the coming days.

Morning coronavirus headlines:

MSNBC: Stocks extend losses following 15-minute ‘circuit breaker’ halt, S&P 500 drops 8%

NYT live updates: Europe condemns Trump travel ban

AP: World walls off as leaders warn viral pandemic will worsen

Reuters: U.S. producer prices post biggest drop in five years

Reuters put the Producer Price Index findings in context with the coronavirus fallout and other world events:

“The report came on the heels of data on Wednesday showing a surprise rise in consumer prices in February and steady increase in underlying inflation. But the signs of some inflation in the economy are likely short-lived as the coronavirus pandemic suppresses demand for services like transportation, hotel accommodation, entertainment and recreation.

“In addition, fears of a global recession because of the virus and an oil price war between Russia and Saudi Arabia have sent crude prices tumbling. This, together with weak demand for services is expected to offset price increases caused by bottlenecks in the supply chain.”