President Donald Trump has suspended all travel from Europe to the United States as the coronavirus continues to spread.

"Smart action today will prevent the spread of the virus tomorrow," Trump said. "We are marshaling the full power of the federal government and the private sector to protect the American people. This is the most aggressive and comprehensive effort to confront a foreign virus in modern history."

The coronavirus has caused the stock markets to dip. The price of oil has plummeted, and companies are facing record losses.

"This is not a financial crisis," Trump said, trying to reassure citizens. "This is just a temporary moment in time that we will overcome as a nation and a world."

He continued, "We have seen dramatically fewer cases of the virus in the United States than are now present in Europe. The European Union failed to take the same precautions and restrict travel from China and other hot spots. As a result, a large number of new clusters in the United States were seeded by travelers from Europe."