Donald Trump says some countries may get tariff exemptions

WASHINGTON: US President Donald Trump said on Monday automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 while some countries may get breaks. At the White House, Trump told reporters he may give “a lot of countries” breaks on tariffs, but provided no details.

Bloomberg and Wall Street Journal reported earlier that the govt was narrowing its approach to the broad batch of levies Trump has been saying for weeks would be imposed April 2.

Meanwhile, Trump said the US would impose tariffs on autos, pharmaceuticals and aluminium in “the very near future”. Two senior Trump officials — treasury secretary Scott Bessent and top White House economic adviser Kevin Hassett — said last week the administration is expected to focus the much-anticipated reciprocal tariff announcement April 2 on a narrower set of countries with the biggest trade surpluses and high tariff and non-tariff barriers.

Trump defends reciprocal tariffs, says US ripped off by every country
Scott Bessent referred to these as ‘Dirty 15’, a reference to 15% countries, while Hassett told Fox Business the focus would be on 10-15 countries. Auto tariffs would come in the next few days, Trump said, adding tariffs on lumber & semiconductor chips will follow “down the road”.

“We’ve been ripped off by every country,” Trump said, predicting that sectoral tariff and reciprocal tariff expected on April 2 will raise ‘rather astronomical’ amounts of money for US coffers, letting tax rates to remain low or come down.

He said the April 2 announcement will be a ‘liberation day’ for the US economy. The tariffs are aimed at shrinking a $1.2 trillion global goods trade deficit by raising US levies to levels charged by other countries and counteracting their non-tariff trade barriers. Trump said in Feb he intended to impose auto tariffs “in the neighbourhood of 25%” and similar duties on semiconductors and pharmaceutical imports, but later agreed to delay some auto tariffs after the three largest US automakers pushed for a waiver.

(Reuters)