Early this morning US President Donald Trump announced that he and his wife, Melania Trump, both have the novel coronavirus, sending the markets in disarray as now investors fear all of the possible consequences of this announcement.
There have been several confirmed Covid-19 positives in the White House over the past couple of months. One of Trump’s valets, some aides, and some cafeteria staff previously suffered from the coronavirus. Nevertheless, despite Trump’s refusal to wear a mask and his general dismissal of most safety recommendations, the President has tested negative for Covid-19 repeatedly this year.
Until now. One of Trump’s top aides, Hope Hicks, tested positive for the coronavirus, which prompted the President and the First Lady to get tested again. The results were revealed early today (or late on Thursday, US time), and have since become the dominant headline among news media.
The reason why people are panicking over Trump’s having the coronavirus is that the President falls into a high risk category. He is overweight and elderly. Though his doctors have repeatedly said he is in good health, it is possible that Donald Trump might not have an easy time with the coronavirus. More than 200,000 people have died from it in the US alone, and considering Trump is in a high-risk category, Congress now has to consider the possibility of things going very wrong for the President.
Moreover, if Donald Trump experiences complications, he will not be able to serve his role as Commander in Chief of all US armed forces. This immediately opens up the United States to attacks from hostile parties. In fact, Trump contracting a deadly virus is arguably the biggest security risk the United States has experienced in recent history.
Of secondary concern is the possibility of Trump infecting others. The President is known to not wear a mask during his meetings, so now everyone who has met with him this week will also need to get tested. In addition, Democratic Presidential nominee Joe Biden will also have to get tested. Biden is also elderly, which puts him in high risk.
In the worst case scenario, if both presidential candidates have and succumb to the virus, the US will be left leaderless and vulnerable for even longer, though this is only a hypothetical as of now.
Nevertheless, the news has put everyone on high alert. Stock indices in the US are all on the downside today, with Dow Jones dropping 1.6%, the S&P 500 losing 1.7%, and Nasdaq shedding 2.3%. The markets in Asia had a similar response as the Nikkei lost 0.7%, and Australia’s S&P 200 dropped by 1.4%. European stock markets are faring the same way. Crude oil has also slid under $40 per barrel.
