The White House is set to impose reciprocal tariffs April 2, narrowing in on a targeted set of nations that account for the bulk of foreign trade with the U.S., The Wall Street Journal reported March 23.
President Donald Trump declared the deadline to be a “Liberation Day,” as the administration seeks to match the tariffs that foreign governments impose on American exports.
Here are four more things to know:
- While President Trump previously promised tariffs on industries like automobiles, pharmaceuticals and semiconductors, an administration official told the Journal those are now unlikely to be announced in the April 2 rollout while maintaining that planning still remains fluid.
- President Trump indicated that pharmaceutical tariffs may not be a part of the April 2 announcement, stating at a Cabinet meeting March 24 that, “We’ll be announcing pharmaceuticals at some point in the not too distant [future] because we have to have pharmaceuticals,” Politico reported March 24.
- President Trump and other senior officials, including Commerce Secretary Howard Lutnik and U.S. Trade Representative Jameson Greer, have signaled that tariff exemptions will be rare. A White House spokesperson disputed the description of the meeting, saying tariffs didn’t come up, according to the WSJ.
- Twenty-five percent tariffs on all steel and aluminum imports took effect March 12, with no exceptions or exemptions expected, according to a White House statement sent to ABC News. China faces additional duties on top of an existing 20% tariff on all Chinese imports. Separately, President Trump granted temporary tariff exemptions for imports from Mexico and Canada under the U.S.-Mexico-Canada agreement, applying to about half of all Mexican imports and 38% of goods from Canada, set to last until April 2.
