Insignia Consultants | Trump auto tariffs are coming, but not all levies will be imposed April 2, sending stocks higher
Trump auto tariffs are coming, but not all levies will be imposed April 2, sending stocks higher
WASHINGTON, March 24 (Reuters) - U.S. President Donald Trump said on Monday automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks.
At the same time, Trump opened another front in a global trade war by slapping 25% secondary tariffs on any country that buys oil or gas from Venezuela, a directive that sent oil prices climbing.
At the White House, Trump told reporters not all the new tariffs would be announced on April 2, and said he may give "a lot of countries" breaks on tariffs, but provided no details.
A White House official declined to say exactly when sector-specific tariffs on autos, pharmaceuticals or semiconductor chips would come into effect, noting that was still "TBD (to be determined) and at the president's discretion."
The official cautioned against expecting a tariff reprieve, adding, "The president is determined to implement reciprocal tariffs that are very strong. People should expect that."
