During a White House meeting, President Donald Trump indicated new automobile tariffs are imminent yet made it clear that these levies will not be fully applied on April 2 since different countries may get special exemptions. Market investors reacted positively to these reassurances which resulted in increased U.S. stock values following persistent trade-related market instability.  

Advertisment

During his White House address, Trump indicated his intention to let multiple countries escape from being taxed but offered minimal details about which ones would benefit from his decision. Multiple sources at the White House indicated that payments on autos alongside pharmaceuticals and semiconductor chips would operate under undefined timelines which Trump could execute whenever he deemed necessary.  

While showing some signs of flexibility the administration kept stress on the fact that powerful import taxes remained forthcoming. The president has decided to proceed with backdroped reciprocal import taxes which he intends to make very strong. The official declared that people can expect such measures to happen as planned.  

The Wall Street Journal alongside Bloomberg released information indicating that the administration was steering its tariff policy in a specific direction which led to postponing targeted levies thus relieving concerns about extensive tax implementations.  

Advertisment

Also Read | Donald Trump signs order to 'eliminate' US Education Department

The S&P 500 reached its highest point in more than two weeks upon the positive market reaction to the expected less severe level of upcoming tariffs. Wall Street investors strengthened their performance by gaining nearly 1.8% during this period.  

Trump imposed a 25% secondary tariff on oil and gas purchases from Venezuela thus leading to increased petroleum prices.  

Advertisment

Trump declared plans to enforce immediate tariffs on automobiles and pharmaceuticals and aluminum which served national security requirements. The president stated after lumber and semiconductor tariffs would hit the market in the upcoming days.  

During a cabinet meeting Trump stated that every country had taken advantage of the United States which led him to believe that these "astronomical" revenues would enable lower taxes.  

In a separate announcement, Trump revealed that South Korea’s Hyundai Motor Group plans to invest USD 21 billion in the U.S., including a USD 5.8 billion steel plant in Louisiana. The news was shared at the White House alongside Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.