President Donald Trump promised April 2 would be “liberation day” as his reciprocal tariffs go into effect, but he acknowledged Monday that there might be some wiggle room at the margins.
“I may give a lot of countries breaks,” Trump said Monday when asked about possible exceptions. “It’s reciprocal, but we might be even nicer than that. We’ve been very nice to a lot of countries for a long time. But I call it ‘Liberation Day.’ April 2 is ‘Liberation Day.’”
Trump announced reciprocal tariffs via an executive order signed last month, with the premise that the U.S. would simply match whatever tariffs other countries charged on its exports.
However, that’s a much more convoluted process than it sounds; the United States charges different import duties for various products depending on their country of origin. The Trump administration has also pledged to factor in non-tariff barriers such as value-added taxes, adding another layer of complexity to the plan.
Exemptions are yet another layer, as countries worldwide offer concessions and meet with administration officials in hopes of avoiding Trump’s trade wrath.
“April 2 will be a big day, that’ll be reciprocal day, and we’ll be bringing some of the money back that’s been taken from us,” Trump said.
Bloomberg reports India is one such country seeking exemptions, as it and other nations meet this week with U.S. representatives. India has also said it would lower tariffs on bourbon from 150% to 100% as an olive branch to Trump.
Trump has been talking about tariffs since the 1980s, saying that the U.S. is getting ripped off by its trading partners and promising to level the playing field.
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During his second term, he has also made a habit of threatening tariffs and then mostly backing down from them after negotiating with other countries, something that could happen again when reciprocal tariffs go into effect.
The European Union, another huge trading partner, has offered to lower its 10% tariff on American cars to 2.5%, matching the U.S.’s car tariffs. Trump, meanwhile, has promised a 25% tariff on any country that buys oil from Venezuela, which will layer on top of any existing import duties.
