The United States is planning to reduce the scope of the tariffs it plans to introduce on April 2, according to economic media citing White House sources on Monday, to the relief of those who believe the measure will escalate the trade war initiated by the Donald Trump administration.
The array of reciprocal tariffs, along with a series of customs duties for specific sectors such as automotive, semiconductors, or pharmaceuticals, that Trump has promised to introduce, would be much more specific than initially indicated, as reported by both Bloomberg and The Wall Street Journal citing government representatives. The publication has had an immediate effect on the US Stock Exchange, which is celebrating with increases in response to the possible tariff reconsideration.
Trump would announce widespread reciprocal tariffs on nations, regions, or economic blocs, although excluding some actors that were initially targeted by Washington, sources indicate.
Additionally, it is not expected that specific economic sectors will face tariffs on April 2.
However, the US President mentioned in a meeting with his cabinet that tariffs on automobiles and pharmaceutical products will be announced "soon."
"We no longer manufacture pharmaceutical products in our country. And if we have problems like wars or anything else, we need steel. We need pharmaceutical products and aluminum. We need many things that we no longer manufacture but are still equipped to do so," he said, as reported by the Efe agency.
Trump, who has dubbed April 2 as "Liberation Day," pointed out that these tariffs will be announced "very soon" and estimated that this will bring "billions of dollars and, perhaps more importantly, jobs" to the country.
US Commerce Secretary, Howard Lutnick, added in the cabinet meeting that April 2 will be the day when the rest of the world will start treating the United States "with respect."
It is unclear what will happen on that day with the additional tariffs against Mexico and Canada that Trump froze for a month at the beginning of March, after holding talks with both countries' governments and observing what he considered progress in the fight against illegal immigration and fentanyl trafficking.