WASHINGTON — US President Donald Trump declared a national state of emergency on Friday to bolster funding for fighting the coronavirus outbreak. Trump says the emergency will open up nearly $50 billion for state and local governments to respond to the outbreak. Additionally, the president said they would be waiving interest on federally owned student loans in effort to ease financial impact of the virus outbreak. US markets surged after Trump"s announcement after a week of spectacular losses triggered by fears that the deadly outbreak will lead to a global recession. "To unleash the full power of the federal government, I"m officially declaring a national emergency," Trump said, announcing $50 billion in federal funds to battle the contagion. Trump said the US would buy large quantities of crude oil for strategic reserves and waived student loan interest during the crisis, stressing that the "next eight weeks were critical." Trump said he is also asking every hospital in the US to activate their emergency preparedness plan. The president has faced growing criticism about his mixed messages on the severity of the outbreak and over the administration"s scattershot response. But the president is defending the administration’s response, particularly its temporary ban on travel from Europe, saying it will save lives. He says of the virus that “this will pass” and the nation will emerge stronger. In addition to declaring a national emergency, Trump announced a public-private partnership to increase national coronavirus testing capabilities. Trump also noted that the US Food and Drug Administration recently gave emergency approval for a coronavirus test created by Swiss diagnostics maker Roche. US president said there would be 500,000 additional tests because of that available early next week. He also said that Google is working to develop a website to help people determine whether a coronavirus test is needed. — Agencies