Trump: 'I may give a lot of countries breaks’ on reciprocal tariffs

President Trump on Monday signaled he may provide exemptions for certain countries when his administration imposes reciprocal tariffs on imports next week.

“I may give a lot of countries breaks. It’s reciprocal, but we might be even nicer than that. You know, we’ve been very nice to a lot of countries for a long time,” Trump told reporters at the White House.

Trump has for weeks indicated he would impose reciprocal tariffs beginning April 2 on any nation that has duties on American goods. But as the date has approached, some administration officials have suggested there could be some wiggle room.

“We may take less than what they’re charging, because they’ve charged us so much I don’t think they could take it … But it will be substantial,” Trump said Monday.

The president also signaled additional tariffs on specific goods could be coming as early as this week. He cited automobiles, lumber and semiconductors as areas that could be targeted.

Trump earlier Monday announced the U.S. would impose a 25 percent tariff on goods from any country that purchases oil or gas from Venezuela, citing frustration over an influx of alleged gang members affiliated with Tren de Aragua.

Economists have warned that Trump’s reliance on tariffs will likely lead to a spike in the cost of goods for U.S. consumers. The Federal Reserve last week projected that the U.S. economy would grow more slowly than previously expected.

Trump has shrugged off those concerns, arguing tariffs will grow the government’s coffers and incentivize companies overseas to relocate to the United States to avoid paying the penalties.