(Sharecast News) - The US is expected to declare a national emergency at the end of the week and call for a coordinated international response to contain the coronavirus and its economic fallout.
Invoking the Stafford Act, US President Donald Trump will also open the door to increased federal aid for states and municipalities, Bloomberg reported, citing two people familiar with the matter.
A press conference at the White House had been called for 1900 GMT.
In a teleconference with his French peer, Emmanuel Macron, Trump also agreed to organise a video conference between G-7 leaders to thrash out a joint plan to address both the healthcare emergency and economic efforts.
State governors and city mayors in the US were reportedly ramping up the pressure on the White House to act.
Declaring a national emergency would allow federal authorities to tap over $42bn in financial resources for states.
It would also allow states to ask the government to carry 75% of the burden of the costs associated with the healthcare response, from staff, to testing and the necessary supplies.
Astrazeneca (AZN)3 May 2024 12:17
CORRECT: Angle shares up on assay development deal with AstraZeneca
(Correcting company name in headline)