The Group of Seven industrialized countries on Thursday vowed to continue to cooperate to weather the economic fallout from the new coronavirus, the U.S. Treasury Department said following a call among senior G-7 officials.

"The G-7 is in regular contact and committed to continued international cooperation to address the global health and economic impacts of COVID-19 (disease)," the department said in a statement issued after U.S. stocks went into freefall amid fears of the global spread of the virus.

The phone call took place between Brent McIntosh, U.S. treasury undersecretary for international affairs, and his counterparts from Canada, the European Commission, France, Germany, Italy, Japan and Britain. The United States serves as G-7 chair this year.

The Dow Jones Industrial Average on Thursday dived almost 10 percent in its largest drop since the Black Monday stock market crash in 1987, as investors became increasingly concerned about the outlook for the global economy after U.S. President Donald Trump said he would restrict travel from Europe in the country's latest effort to fight the pandemic.

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