Trump Walks Back Reciprocal Tariff Threat

April 2 is the next big tariff deadline, but as with similar dates in the past, it is unclear what will actually go into effect that day.

Reciprocal tariffs are set to be implemented next week, according to prior announcements from President Donald Trump. However, on Monday, the president said that not all countries would be subject to these import taxes.

“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 reportedly said at the White House.

This is different than what the president originally wrote on Truth Social when he announced the reciprocal tariffs in February.

Reciprocal tariffs on foreign goods would match those imposed on U.S. exports. For example, if items from the U.S. were taxed at a 5% rate when sent to the U.K., items from the U.K. would be taxed at 5% as they come into the U.S.

Trump’s latest comments came hours after The Wall Street Journal reported that the White House is looking to limit the scope of the reciprocal tariffs based on sectors. Targeted levies on industrial sectors such as cars, microchips and pharmaceuticals would likely be left out, The Journal said.

The White House didn’t immediately return a request for comment. However, across different Monday events, Trump said tariffs on cars, pharmaceuticals, lumber, and semiconductors would be implemented soon in addition to reciprocal tariffs.

Trump’s back-and-forth on tariff plans has created uncertainty across the economy. It has undermined confidence among business leaders and consumers, sent stocks tumbling, and raised fears of a possible economic downturn and job losses.

Update, March 24, 2025: This article has been updated with additional comments from President Donald Trump.