President Donald Trump said he is considering a more targeted slate of reciprocal tariffs on April 2 than previously expected.
Trump has called April 2, when the tariff policy is to be revealed, “Liberation Day,” and could include broad reciprocal tariffs to match duties that other countries charge on U.S. imports.
The White House said the tariffs set to begin April 2 likely won’t be as wide-ranging as previously planned.
“I may give a lot of countries breaks. It’s reciprocal, but we might be even nicer than that. You know, we’ve been very nice to a lot of countries for a long time,” Trump told reporters at the White House on Monday, according to The Hill.
Related: Tariffs could lead Mexico into recession, report says
Trump’s reciprocal plan calls for imposing tariff rates on all countries that have tariffs on U.S. goods. But the Trump administration has not made clear which goods and specific countries it will impose tariffs on beginning April 2.
The countries the White House could be targeting for reciprocal tariffs could be “the Dirty 15” – countries that persistently treat the U.S. unfairly in their trading practices, Treasury Secretary Scott Bessent told Fox Business.
Among those could be Australia, Brazil, Canada, China, the European Union, India, Japan, South Korea, Mexico, Russia and Vietnam.
While Trump said he may soften the impact of reciprocal tariffs, the plan will likely include additional tariffs on imports of autos, aluminum, lumber, pharmaceuticals and semiconductor chips.
The administration “will be announcing some additional tariffs over the next few days having to do with automobiles, cars – and also having to do a little bit with lumber down the road – lumber and chips,” Trump told reporters Monday, according to Morningstar.
Trump also said during a cabinet meeting Monday, “We’ll be announcing pharmaceuticals at some point in the not-too-distant [future] because we have to have pharmaceuticals,” Politico reported.
On Monday, Trump also said he is placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela, along with imposing new tariffs on the South American country.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse. Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country,” Trump posted on Truth Social.
The U.S. was the No. 2 global importer of Venezuelan oil in 2024, totaling 233,000 barrels per day, according to data obtained by CNBC from Kpler. China was the No. 1 importer of Venezuelan oil last year, averaging 270,000 barrels per day.
Trump has already imposed 25% tariffs on all steel and aluminium imports from all countries, along with a 20% duty on Chinese goods.
Canada and Mexico could face broader 25% tariffs on April 2 after a roughly 30-day pause was announced March 6.
For the past 18 days, importers weren’t required to pay tariffs on imports from Canada and Mexico that adhered to the United States-Mexico-Canada Agreement.
Trumps tariffs are good; and smart for US (see Robert Lighthizer, former USTR, on Tucker Carlson… very in depth “why must tariff”). However, Trump can’t ramp up all these necessary tariffs; without off-setting this inflationary effect on US economy. Trump succeeded with tariffs last term, via having Saudi’s and Russia dump oil onto globe; energy got CHEAP; causing deflation and therefore rate cuts. Last term, Trump more than balanced the inflationary tariffs via VERY cheap energy, which was deflationary. So far, IMO Trump’s ceasefire deals, both Ukraine and Gaza; are insufficient, more than less. Therefore, Putin and MBS will not cooperate with Trump’s desired economic goals… no flooding globe yet. Consider that MBS doesn’t want today’s Turkey civil war (due to lack of support for Palestinian side; and the vast majority of Saudi citizens sympathize with the Palestinians). IMO, Trump/ Wifkoff are going to have to do non-biased ceasefires; in order to get Saudi’s and Russia on board with cheap oil for globe. Not happening so far; and wrong direction via Trump on this. Not saying this as a critic of Trump; he’s vastly better for US vs last administration; due to his business knowledge. When I suggested “buy Wabash” etc stock, couple weeks ago; I assumed that cease-fires were legitimate. Now I realize , they are too biased; and not taking into consideration the non-US perspectives. Interesting times. I think Trump had anticipated deals that resulted in sanctions dropped on Russian oil, by now; and this has not happened; nor does it look like it will; in near future. Keep in mind, our US oil producers LIKE the sanctions; as this is yet another gov’t created artificial bubble for oil prices… Our producers have been selling for very lucrative prices to Europe; due to sanctions (blocked access) to cheaper Russian oil . So, Trump has to deal with all these forces. IMO, it would be better, net, to drop the sanctions; which allow full tariffs and rate cuts and hottest broad US economy, incl trucking; even if this means less profit for our oil producers. But Big Oil has LOTS of lobbying power that Trump must check. The 1Q 25 reports, due out next month; will be dismal. Until cheap energy happens (which = deflation, then rate cuts, then super hot economy), there is nothing rosy to follow bleak 1Q reports… just more of the 3 year downturn, con’t. @Freightalley
BTW, anyone who thinks tariffs alone will = good US economy: consider 1970’s stagflation. Back then, this was pre-NAFTA and pre-China WTO; we made in US the majority of what we buy. So, just going back to “made in USA” will not undo current stagflation. For growth / hot Econ, the recipe = cheap energy; which leads to deflation, which leads to cheap money (rate cuts). Then you have both cheap money AND cheap energy; and the economy skyrockets; like it did during Trump’s last term, before Covid wrecked it.