CNN
—
President Donald Trump has said he doesn’t 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 “liberating day” for the United States.
“It’s going to be reciprocal — in other words, whatever they’re charging, we’re charging,” he said. “Then in addition to that, on autos, on steel, on aluminum, we’re going to have some additional tariffs.”
He said previous administrations and “foolish presidents” gave away American wealth. He added that “billions of dollars have already come into our country” 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’s biggest chipmaker, agreed to invest $100 billion in the US. 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 “protection fee” in exchange for continued military and political support.
Last week, Trump’s 25% tariffs on all aluminum and steel imported into the US went into effect, and Canada and Europe immediately retaliated. When asked Sunday if he would consider any exemptions on those tariffs, he replied: “I have no intention of it.”
But it risks igniting a global trade war and could significantly raise prices for American consumers at a time when the US economy is already on shaky ground.
Wall Street has grown nervous about the damage Trump’s policies could inflict on the US economy, with US 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: “When I took it over, eggs were through the roof, and now eggs are down 35% over a short period of time.”
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’s 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.
