Trump pressures companies to fast-track coronavirus vaccine: Peter Navarro

Drugmakers were trading higher on Monday despite a broad market selloff

President Trump has maintained a very “hands-on” approach to managing the coronavirus outbreak, including exerting pressure on companies to develop a vaccine soon.

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White House Director of Trade and Manufacturing Policy Peter Navarro told FOX Business’ Charles Payne on Monday that the administration is moving as quickly as possible on treatments, including developing a vaccine.

“We’re moving really fast on that already with four companies,” Navarro said. “I think that we can do this in half the time it usually takes under the president’s leadership.”

CORONAVIRUS DRUG COULD START PRODUCTION THIS MONTH: PETER NAVARRO 

As previously reported by FOX Business, one Texas-based company claimed it had completed a vaccine and is working through the testing process.

Navarro also mentioned remdesivir, a drug manufactured by Gilead Sciences, which may be able to treat the symptoms of the virus.

Navarro reiterated concerns that too much of the U.S. supply chain had been outsourced – and that the White House is focused on bringing that infrastructure back to the U.S. by cultivating domestic production.

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Meanwhile, U.S. stocks fell during the trading session on Monday as more cases of the virus were reported. South Korea, Italy and Iran all noted an increase in confirmed cases.

There are heightened concerned that the global economy could be affected by supply chain disruptions.

Despite a down day overall, drugmakers working on a vaccine were trading higher.

TickerSecurityLastChangeChange %
GILDGILEAD SCIENCES INC.73.52-1.24-1.66%
INOINOVIO PHARMACEUTICALS7.79+0.35+4.70%
NVAXNOVAVAX INC.14.51+0.93+6.85%
NNVCNANOVIRICIDES INC5.86+0.12+2.11%

There are 53 confirmed cases of the coronavirus in the U.S.

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FOX Business’ Jonathan Garber contributed to this report.