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The White House had not previously announced the event.
Trump, who just returned from a trip to India, tweeted that officials from the Centers for Disease Control and Prevention will also be at the briefing.
Dr. Nancy Messonnier, who leads work on respiratory diseases for the CDC, told reporters Tuesday that "it's not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen – and how many people in this country will have severe illness."
Health and Human Services Secretary Alex Azar told FOX Business' Lou Dobbs on Tuesday that the government has been "preparing for decades for the spread of a virus like this."
"We know what we're doing," Azar said. "This is what we do. And so, I think part of the message to the American people is we all need to take a bit of a deep breath here. The government is working on this."
The Dow Jones Industrial Average and the S&P 500 both registered the largest two-day point drop on record through Tuesday, per the Dow Jones Market Data Group, as the coronavirus spreads across the globe. On Wednesday, the volatility continued with the Dow and S&P slipping while the Nasdaq held onto gains.
The White House has asked Congress for $2.5 billion to fight the virus, while Senate Minority Leader Chuck Schumer wants $8.5 billion, a senior Senate Democratic aide told FOX Business' Blake Burman.
The Associated Press and FOX Business' Suzanne O'Halloran contributed to this report.