Countries with a larger burden of virus cases than the U.S. have already announced economic stimulus measures.

Over the weekend, Italy promised a $4 billion package including tax credits and liquidity support for businesses, and Chinese regulators announced a waiver for small companies struggling to repay loans. In South Korea, which has reported more than 2,000 virus cases, the central bank chief said last week that targeting support for businesses will be a more effective response than a cut in headline interest rates.

Mnuchin and his Group of Seven counterparts are holding a phone call on Tuesday to discuss coordinating responses to the economic threat of coronavirus, Bloomberg News reported early Monday.

This article was provided by Bloomberg News.

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