President Trump on Monday showed that if his administration imposes mutual tariffs on imports next week, it could offer exemptions to certain countries.
“I might take a break from many countries. It's mutual, but we might even be even better. You know, we've been very kind to many countries for a long time,” Trump told White House reporters.
Trump has shown for weeks that he will impose mutual tariffs on countries that have obligations on American goods starting April 2nd. But as the date approaches, some administrative authorities suggest there may be some wiggling room.
“We may be less than what they're charging, because we don't think they can take it from us, so they charged us for it…but it's going to be quite a bit,” Trump said Monday.
The president also indicates that additional tariffs on certain products could come earlier than this week. He cited it as a potential target area for automobiles, wood and semiconductors.
Earlier on Monday, Trump announced that the US would impose a 25% tariff on goods from countries purchasing oil or gas from Venezuela, citing his complaints about the influx of suspected gang members affiliated with Tren de Lagua.
Economists warn that Trump's reliance on tariffs is likely to lead to a surge in the costs of products for US consumers. Last week, the Federal Reserve predicted that the US economy would grow slowly than previously expected.
Trump took these concerns away and argued that tariffs would increase government funding and encourage foreign businesses to move to the US to impose fines.
