Trump administration asks for US$2.5bil

Taking it seriously: A breathing apparatus is pictured on a plaque inside the Washington State Patrol Fire Training Academy which has been designated as a Covid-19 quarantine site for travellers from Hubei. The US will dedicate more than US$1bil to create a vaccine to fight the virus. — AFP

WASHINGTON: The Trump administration said it has asked Congress for US$2.5bil – half new money, half repurposed from other efforts – to battle the spread of the coronavirus.

The announcement came on the same day that global financial markets were shaken over reports that the illness had spread to Italy and South Korea. US stock benchmarks slid more than 3% on Monday, with the S&P 500 Index falling the most since February 2018.