The United States has stated that it will announce additional tariffs on automobiles, lumber, and chips in the coming days
On the 24th local time, U.S. President Trump stated that in the coming days, he would announce additional tariffs on automobiles, lumber, and chips.
Trump also mentioned that as the April 2 effective date for “reciprocal tariffs” approaches, he may offer tariff exemptions to many countries, but only if reciprocity is achieved. He noted that the European Union had agreed to lower automobile tariffs to 2.5%, matching the U.S. rate. Furthermore, Trump clarified that not all tariffs would take effect on April 2.
Earlier that day, Trump announced on social media that he would impose a 25% tariff on countries purchasing Venezuelan oil and gas, which would take effect on April 2. When asked by the media whether the 25% tariff would be added on top of existing tariffs, Trump replied, “Yes.”
On February 13, Trump signed a memorandum directing relevant departments to determine “reciprocal tariffs” for each foreign trade partner. Economists and market analysts are concerned that the Trump administration’s escalating “tariff barrage” could lead to a “Trump recession” or even “stagflation” in the U.S. economy. Earlier this month, JPMorgan’s Chief Global Economist Bruce Kasman expressed serious concerns about the U.S. economy, estimating a 40% probability of recession this year, significantly higher than the 30% forecast at the beginning of the year.
