Trump says he will ban all travel from Europe for 30 days

President Trump announced a 30-day travel ban from European countries Wednesday night to arrest the spread of the coronavirus, a significant escalation in the administration's efforts to address the pandemic.

“The European Union failed to take the same precautions and restrict travel from China and other hot spots,” Trump said. “As a result, a large number of new clusters in the United States were seeded by travelers from Europe.”

The restrictions, which will go into effect Friday at midnight, will not apply to the United Kingdom, and U.S. citizens and residents will not be denied entry.

"These prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval," Trump said in his televised address. Later, he clarified that the restrictions would not apply to trade.

Trump announced several other measures to bolster the economy. He said that the Small Business Administration will provide low-interest loans to businesses in areas hit by the pandemic to help overcome temporary economic disruptions, and asked Congress to increase funding to the program by $50 billion.

He said that the Treasury Department will defer tax payments without penalties for businesses and individuals who have been affected, saying that the measure would effectively give businesses $200 billion in liquidity. Lastly, Trump called on Congress to pass a payroll tax cut.

"This is not a financial crisis, just a temporary moment in time," Trump said.