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US Risks 'Permanent Damage' from Long Shutdown due to Coronavirus, Says Treasury Secretary

File photo of US Treasury Secretary Steven Mnuchin (Reuters)

File photo of US Treasury Secretary Steven Mnuchin (Reuters)

American families and businesses are suffering amid the nationwide shutdowns, Steven Mnuchin told a Senate committee, but reopening the economy will need to be done with caution.

The US economy risks suffering "permanent damage" the longer the lockdown to contain the COVID-19 pandemic drags on, US Treasury Secretary Steven Mnuchin said on Tuesday.

American families and businesses are suffering amid the nationwide shutdowns, Mnuchin told a Senate committee, but reopening the economy will need to be done with caution.

"We're conscious of the health issues and we want to do this in a safe way," he said of efforts to restart the economy.

first published:May 19, 2020, 20:33 IST