(Bloomberg) --

He’s pointed out that seasonal flu deaths in the U.S. have so far outnumbered coronavirus fatalities and suggested the new disease could just “miraculously” disappear with the advent of spring.

But behind the scenes, U.S. President Donald Trump and his aides have been drafting a stimulus package aimed at blunting the virus’s economic impact.

The proposals, set to be unveiled today, will likely include a payroll tax cut and a short-term expansion of paid sick leave but will for now forgo aid for the embattled travel industry, Saleha Mohsin, Jennifer Jacobs and Justin Sink report.

That raises the risk that the plan won’t go far enough to satisfy investors amid growing fears of a virus-induced recession.

Stocks climbed globally after U.S. shares plunged more than 7.5% yesterday — the worst day on Wall Street since the 2008 financial crisis — as a full-blown oil-price war gained steam.

The rout comes at a risky time for a president who’s made a robust economy a central theme of his re-election bid.

With his incoming White House chief of staff now under self quarantine — along with four other Republican members of Congress — pressure on Trump to take action is only likely to build.

Trump has sometimes responded to crises by picking fights elsewhere, and that raises questions about whether the growing U.S. outbreak could tempt re-engagement with a familiar foe, such as Iran, North Korea or maybe even the country most affected by the disease: China.

Global Headlines

Taking a tour | President Xi Jinping visited the coronavirus epicenter of Wuhan for the first time since the disease emerged, a move to project confidence that China has managed to stem its outbreak. Italy meanwhile became the first country to attempt a nationwide lockdown.

• Two months after Japan confirmed its first case, the government is finally setting up a legal framework to let it declare a nationwide emergency if needed.
• European Union leaders are set to hold a video conference later today to discuss steps to contain the virus and support their economies.
• Sign up here for Bloomberg's new daily newsletter for the latest on the Covid-19 outbreak and its impact around the world.

Primary opportunity | Joe Biden could take a big step closer to sewing up the Democratic presidential nomination today, with six states holding nominating contests that could let him open wide leads over rival Bernie Sanders in delegates and support. Balloting takes place in Michigan, a key 2020 battleground, along with Idaho, Mississippi, Missouri, North Dakota and Washington.

• Click here for more on how Biden, Sanders and Trump are sticking with habits — hugs, shaking hands and holding large rallies — that public health experts now advise against.

Clearing a path  | With the consolidation of power by Saudi Crown Prince Mohammed bin Salman, the son of King Salman, 84, there’s no doubt who’ll be the next ruler. As Glen Carey reports, the recent moves by the man known as MBS increasingly make Saudi Arabia more like a modern authoritarian state than the hereditary monarchy it’s been for almost nine decades.

• Saudi Arabia escalated its oil price war with Russia, with its state-owned company set to supply a record 12.3 million barrels a day to the market in April, a massive output hike.

Going green | The 2015 Paris climate accord marked a cultural watershed, with emissions targets now policed by a growing environment movement that’s shaping politics from Germany to India. Akshat Rathi explains why this week’s oil price war may prove to be another step in a longer-term trend toward ending crude’s power to hold the world to ransom.

Vote fraud? | Brazilian President Jair Bolsonaro insisted he “has proof” that he won the inconclusive first round of the country’s 2018 presidential election, and he was forced into a runoff by “fraud.” In a video coinciding with a visit to Florida, where he met Trump, the right-wing leader said he’d share his evidence soon. Bolsonaro has repeatedly called for Brazil to ditch electronic voting and bring back paper ballots.

What to Watch

• Talks between Turkish President Recep Tayyip Erdogan and the EU over the fate of refugees ended in failure, increasing tensions after Turkey told millions of migrants it won’t stop them if they head for Europe.
• Lebanon will present what it considers a conclusive economic and financial plan to the International Monetary Fund as it prepares for talks with creditors after missing a Eurobond payment.
• South African President Cyril Ramaphosa notched a key victory in his long-running battle with the nation’s anti-graft ombudsman: The High Court overturned her finding that he’d been complicit in a campaign-funding scandal.

Tell us how we’re doing or what we’re missing at balancepower@bloomberg.net.And finally ... Images of vacant cityscapes have become common as the world battles the coronavirus’s spread. But Mexico City’s busy streets and subway were unusually empty yesterday morning — and many schools, restaurants, shops and offices were only half full — for an entirely different reason. Millions of women took part in a boycott known as ‘A Day Without Us’ aimed at calling attention to a doubling in the past five years of femicides — the gender-based murder of women and girls by men.

--With assistance from Rosalind Mathieson.

To contact the author of this story: Kathleen Hunter in London at khunter9@bloomberg.net

To contact the editor responsible for this story: Michael Winfrey at mwinfrey@bloomberg.net, Anthony Halpin

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