Group of Seven finance chiefs said they’re ready to act to shelter their economies from the spreading coronavirus, though they stopped short of spelling out what measures they would put into place.
“We reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” the G7’s finance ministers and central bankers said Tuesday in a statement following a rare conference call. They said they are “closely monitoring” the virus and its impact on economies and markets.
The statement came shortly before the US Federal Reserve delivered an emergency half-percentage point interest rate cut to protect the economy from the global outbreak.
US Treasury Secretary Steven Mnuchin told a congressional committee that the Trump administration isn’t considering a rollback of tariffs on China as part of efforts to counter economic fallout from the virus. He said the administration isn’t pursuing a payroll tax cut, even though Trump on Monday called on Democrats to pass such a measure.