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

U.S. President Donald Trump said on Monday that he may grant tariff exemptions to some countries, but only on a reciprocal basis, as the April 2 deadline for his “reciprocal tariffs” policy approaches. He noted that the European Union has agreed to lower car tariffs to 2.5 percent as part of ongoing trade negotiations.

Trump also announced plans to introduce additional tariffs on automobiles, lumber, and semiconductor chips in the coming days. He emphasized that April 2 would be a significant milestone, calling it “reciprocal day,” when the U.S. would begin reclaiming what he described as money taken from the country through unfair trade practices.

In a separate announcement, Trump stated that he would impose a 25 percent tariff on any nation purchasing oil or gas from Venezuela, accusing the country of sending large numbers of criminals to the U.S. When asked whether this tariff would be applied on top of existing ones, he confirmed that it would.

Meanwhile, concerns over the U.S. economy continue to grow. Economists and investors warn that Trump’s unpredictable trade policies could increase the risk of a recession, dubbed a “Trumpcession.” Bruce Kasman, JPMorgan’s chief global economist, recently stated that the bank now sees a 40 percent chance of a U.S. recession this year.

Source – CGTN