Trump says there will be no exemptions from steel and aluminum tariffs
President Donald Trump has said he doesn鈥檛 intend to create exemptions from steel and aluminum tariffs and that additional sectoral, as well as reciprocal tariffs will be imposed on April 2.
Speaking to reporters on board Air Force One Sunday during a flight back to the White House, Trump called April 2 a 鈥渓iberating day鈥� for the United States.
鈥淚t鈥檚 going to be reciprocal 鈥� in other words, whatever they鈥檙e charging, we鈥檙e charging,鈥� he said. 鈥淭hen in addition to that, on autos, on steel, on aluminum, we鈥檙e going to have some additional tariffs.鈥�
He said previous administrations and 鈥渇oolish presidents鈥� gave away American wealth. He added that 鈥渂illions of dollars have already come into our country鈥� since he began implementing sweeping tariffs that are part of a plan aimed at correcting perceived trade imbalances and reigniting domestic industry.
Earlier this month, Taiwan Semiconductor Manufacturing Company (TSMC), the world鈥檚 biggest chipmaker, agreed to invest $100 billion in the U.S. While Trump lauded the deal at a White House event, some people in the island democracy, including a former president, have likened it to a 鈥減rotection fee鈥� in exchange for continued military and political support.
Last week, Trump鈥檚 25% tariffs on all aluminum and steel imported into the U.S. went into effect, and Canada and Europe immediately retaliated. When asked Sunday if he would consider any exemptions on those tariffs, he replied: 鈥淚 have no intention of it.鈥�
But it risks igniting a global trade war and could significantly raise prices for American consumers at a time when the U.S. economy is already on shaky ground.
Wall Street has grown nervous about the damage Trump鈥檚 policies could inflict on the U.S. economy, with U.S. stocks ending last week in the red and major indexes falling into correction territory.
On Sunday, Trump acknowledged high prices for everyday goods but claimed credit for lowering them from even higher levels, saying: 鈥淲hen I took it over, eggs were through the roof, and now eggs are down 35% over a short period of time.鈥�
He also said prices for gas and energy were falling and that prices for groceries and other items would follow.
Prices did fall for wholesale loose eggs in the first week of March, but that鈥檚 what retailers pay, not consumers. It could mean prices will begin falling in grocery stores, though experts have warned they could soon come back up in April thanks to the Easter and Passover holidays.
