The United States will host the upcoming Group of Seven (G7) Finance Ministers and Central Bank Governors meeting by video conference, the U.S. Treasury Department said Thursday.

U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell "are grateful to the city of Philadelphia for its willingness to host the event, assistance in planning, and support in this decision," the department said in a statement. The physical gathering was originally planned to take place next month.

On Wednesday, the U.S. State Department said G7 foreign ministers' meeting scheduled later this month in Pittsburgh would be held by video teleconference "out of an abundance of caution."

The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States.

Fears of the spread of the novel coronavirus have been growing in the United States, as more and more companies have asked their employees to work at home, and many universities have decided to offer classes online.

In a White House Oval Office address on Wednesday night, U.S. President Donald Trump said his administration has issued guidance on school closures, social distancing, and reducing large gatherings.

New York Governor Andrew Cuomo on Thursday issued a ban on gatherings of more than 500 people across the state "for the foreseeable future."

As of Wednesday night, more than 1,300 cases have been reported in the United States with 38 deaths, according to a tracking tool developed by the Center for Systems Science and Engineering at Johns Hopkins University.