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The new coronavirus "looks relatively contained," said Larry Kudlow, head of the National Economic Council, adding that Americans should "stay at work."

"I don't want to panic on the economy and on the virus and on policy measures," Kudlow, who is President Donald Trump's top economic adviser, said. "With common sense, I would say if you are healthy and on the younger side, you should go about your business and not be afraid," he told CNBC in an interview Friday morning.

"Most Americans aren't at risk," he said, noting that "folks should not run around grabbing masks."

America does not necessarily need to follow the policies implemented in other countries, Kudlow said, pointing out Trump's success in implementing travel bans, quarantines and screenings.

He also doubled down on a comment that drew scrutiny last week, telling CNBC on Friday, "When we have these corrections in the market, I would repeat my view that long-term investors should think seriously about buying the dip."

The stock market has suffered a wild week, with the Dow Jones Industrial Average opening the day with a decline of 800 points Friday, despite an extremely healthy jobs report that showed the economy gained 273,000 positions.