US President Donald Trump sparked buzz on Monday by hinting he might offer a number of countries tariff breaks as the April 2 deadline for imposing reciprocal tariffs nears. According to his comments, these breaks would come into play when trading partners take reciprocal steps—like the recent agreement with the European Union to lower car tariffs to 2.5%.
Trump explained that more tariff actions are in the pipeline, especially targeting key sectors such as automobiles, lumber, and chips. "April 2 will be a big day," he noted, emphasizing that the moves are meant to bring back funds he claims have been taken from the United States.
Earlier in the day, Trump also announced on social media a 25% tariff for any nation purchasing oil and/or gas from Venezuela, accusing the Latin American country of sending "tens of thousands of criminals" into the US. When pressed if this was an add-on to existing tariffs, his simple "yes" left little room for debate.
Market watchers and economists are now keeping a sharp eye on these developments. Some voices, including JPMorgan's chief global economist Bruce Kasman, warn that such unpredictable trade tactics could fuel a potential economic downturn—sometimes dubbed the "Trumpcession." With a reported 40% chance of a recession if current trends continue, the stakes are high. 🏦📉
For young professionals, students, and all trade enthusiasts, these changes mark a critical moment in the ongoing global trade debate. Stay tuned as these dynamic moves continue to shape both US and international markets! 😊
Reference(s):
Trump says he may 'give a lot of countries breaks' on tariffs
cgtn.com
