President Donald Trump in a press conference on Thursday said the Food and Drug Administration is fast-tracking efforts to approve an antiviral therapy, best known for treating malaria, for use in coronavirus cases. 

The drug, hydroxychloroquine, was developed more than a half-century ago and is approved for treating malaria, arthritis, and other ailments. Reports out of China and Italy suggest the drug may help, but there is no hard data yet.

"We're going to be able to make that drug available almost immediately," Trump said. 

The FDA is working to conduct a "large, pragmatic clinical trial" quickly to confirm the drug's benefit to coronavirus patients, said Commissioner Dr. Stephen Hahn.

He also tempered the president's optimism about the still-untested solution. 

"What's also important is not to provide false hope," he said. "We may have the right drug, but it might not be in the appropriate dosage form right now, and it might do more harm than good."

New antiviral therapies face a shorter and less arduous approval process than vaccines, several of which are under development with 12 to 18-month timelines.  

"The therapies are something we could move on much faster potentially," Trump said. 

He claimed the administration "slashed red tape" to develop new vaccines and therapies.

The president also held out on confirming whether he would invoke the Defense Production Act, which he signed on Wednesday, to mandate the production of needed medical supplies such as N95 respirators and surgical masks

"If we find that we need something, then we will do that," he said.  

Trump repeated that he was open to the federal government buying equity stakes in the airline, cruise, hospitality, and other industries hurt by the outbreak. 

The press conference opened with more controversial language placing the blame squarely on China for the outbreak, despite concerns voiced about potentially exacerbating a backlash against Asian Americans.

"We continue our relentless effort to defeat the Chinese virus," Trump said.

Share:
More In Politics
Breaking Down Biden Admin's Stricter Fuel Economy Standards for New Cars
Peter Zalzal, associate vice president for clean air strategies at the Environmental Defense Fund, a nonprofit environmental advocacy group, joined Cheddar to discuss the Biden Administration's unveiling of stricter fuel-efficiency standards for new automobiles. "The administration estimated that these rules will reduce about 2.5 billion tons of climate pollution by 2050, and using less fuel also means that we have to go to the gas pump less often. And so it means we save money, thousands of dollars in avoided fuel costs each year for consumers," he noted.
St. Louis Fed Official Weighs in on Robust March Jobs Report
The relatively robust March jobs report showed that despite the low unemployment rate, Black, Hispanic, and women job seekers are still having difficulty finding work. William M. Rodgers III, the vice president and director of the Institute for Economic Equity at the Federal Reserve Bank of St. Louis noted that participation rates in the labor force ticked up for minorities, adding to other positive signs of growth. He also spoke to Cheddar News to discuss further the jobs figures, the state of the labor market, and rising inflation.
Markets Open Higher Despite Weaker Than Expected March Jobs Report
U.S. markets opened higher to kick off the second quarter, despite a miss on the March Jobs Report. The economy added $431,000 in the month, slightly lower than the $490,000 analysts had expected. The unemployment rate also ticked down to 3.6% from 3.8%. Kevin Simpson, Founder & Chief Investment Officer, Capital Wealth Planning joined Cheddar's Opening Bell to discuss.
Biden Unveils New Minimum Income Tax On Billionaires
President Biden is going after billionaires in his 2023 budget request to congress. The proposal would establish a 20% minimum tax rate on all households worth more than $100 million, as well as raise the corporate tax rate from 21% to 28%. Rhett Buttle, Small Business for America's Future Senior Advisor, Business Policy Expert & Biden Campaign Business Advisor, breaks down the proposal, what it aims to accomplish, and how small businesses might feel about it.
U.S. To Accept Up To 100,000 Ukrainian Refugees
The Biden administration has announced the U.S. will accept up to 100,000 refugees fleeing the war in Ukraine and provide more than 1 billion dollars in new funding for the growing humanitarian crisis. The move comes as President Biden meets with his western counterparts in Europe to demonstrate a united front against Russia and show support for Ukraine. Altagracia Pierre-Outerbridge, Immigration Attorney for Outerbridge Law, explains how this is going to work.
DOJ Backs Antitrust Bill Targeting Big Tech
The DOJ has endorsed an antitrust bill targeting tech giants like Apple, Amazon, Meta, and Google. The legislation would ban the companies from favoring their own products and services over their competitor's, making it more difficult them to dominate the marketplace. Greg Day, Assistant Professor of Legal Studies at the University of Georgia, breaks down the bill and its potential impact on anti-competition in the tech sector.
Load More