U.S. President Donald Trump announced on Monday that he might offer "tariff breaks" to several countries in exchange for reciprocal concessions amid rising trade tensions.
With an April 2 deadline looming, the president explained, "I may give a lot of countries breaks, but it's reciprocal," during a White House briefing. Notably, he pointed out that the European Union has already agreed to lower car tariffs to 2.5 percent as part of broader negotiations.
Trump outlined plans to introduce additional tariffs targeting automobiles, lumber, and semiconductor chips over the coming days. He emphasized that these measures are designed to reclaim revenues he claims have been taken from the United States.
Earlier in the day, the president took to social media to announce an intended 25 percent tariff on any nation that imports oil or gas from Venezuela, accusing the country of sending "tens of thousands" of criminals into the United States. When questioned, he confirmed that this new tariff would be applied in addition to existing measures.
Economic experts have warned that such unpredictable trade policies could trigger what some are calling a "Trumpcession." JPMorgan's chief global economist Bruce Kasman recently estimated a 40 percent chance of a U.S. recession later this year, fueling further debate about the broader impact on global trade.
As global markets and trade partners watch closely, the coming days are set to reveal more about the administration's strategy and its potential implications for the international economic landscape.
Reference(s):
Trump says he may 'give a lot of countries breaks' on tariffs
cgtn.com
