(Bloomberg) -- President Donald Trump said Monday his administration will discuss a possible payroll tax cut with the U.S. Senate, saying they would seek “very substantial relief” for the economy that has been roiled by the outbreak of coronavirus.

Trump, speaking at a White House news conference, added his administration plans to speak with lawmakers on Tuesday, seeking the aid to help hourly wage earners “so they don’t get penalized for something that’s not their fault.”

Trump said that he plans to announce “very dramatic” actions to support the economy at a press conference on Tuesday following discussions with lawmakers.

“I will be here tomorrow afternoon to let you know about some of the economic steps, which will be major,” Trump said.

Pressure has been growing on Trump to take more decisive action in response to the coronavirus, as the number of cases in the U.S. and worldwide continues to grow. U.S. stocks plunged more than 7.5% on Monday -- the worst day on Wall Street since the financial crisis, as a full-blown oil price war rattled financial markets already on edge over the outbreak.

Trump’s statement marks a reversal from his administration’s recent position on the need for economic stimulus.

Last week, Treasury Secretary Steven Mnuchin said the administration isn’t considering a payroll tax cut as part of its response to the coronavirus. He added that the virus sell-off isn’t comparable to the financial crisis a decade ago. “We will get through this,” he told reporters on Mar. 3. Market swings are happening because “the markets struggle to assess new risks.”

Trump on Monday added that the administration is working with the travel and hospitality industries to contain the spread.

“We want people to travel to certain locations and not to other locations at this moment,” Trump said, without elaborating.

Vice President Mike Pence, who Trump tapped to lead the administration’s response to the outbreak, reiterated the position that “the risk of contracting the coronavirus to the American public remains low, and the risk of serious disease among American people remains low.”

Pence said that 21 people who had been aboard the Grand Princess cruise ship that docked Monday in Oakland, California, are in proper isolation. He said they hoped to disembark California residents by the end of the day. Other passengers will be sent to air force bases in Texas and Georgia, he said.

To contact the reporter on this story: Justin Sink in Washington at jsink1@bloomberg.net

To contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Joshua Gallu

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