Trump says he may 'give a lot of countries breaks' on tariffs

US President Donald Trump said yesterday he may “give a lot of countries breaks” on tariffs, as his April 2 deadline to impose “reciprocal tariffs” on US trading partners draws closer.

“I may give a lot of countries breaks, but it’s reciprocal,” he told reporters at the White House, reported Xinhua.

He noted that the European Union (EU) has agreed to lower car tariffs to 2.5 percent as part of a deal with his administration.

“We’ll be announcing some additional tariffs over the next few days, having to do with automobiles, cars, and having also to do a little bit with lumber down the road, lumber and chips,” Trump continued.

“But for the most part, April 2 will be a big day, that will be a reciprocal day, and we’ll be bringing some of the money back that’s been taken from us,” he said.

Earlier in the day, the president announced on social media that he would impose a 25 percent tariff on any nation that purchases oil or gas from Venezuela, accusing the Latin American country of sending “tens of thousands” of criminals to the United States.

When asked by a reporter whether the 25 percent tariff is “on top of existing tariffs”, Trump said “yes”.

With key US economic indicators showing concerning trends, economists and investors warn that the risk of a “Trumpcession” has grown due to unpredictable trade and economic policies.

Earlier this month, Bruce Kasman, JPMorgan’s chief global economist, expressed heightened concerns about the US economy. He told reporters in Singapore that the investment bank now estimates a 40 percent chance of a US recession this year.

- Bernama

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