Trade Cases

Trump says exceptions could exist on reciprocal tariffs

March 24, 2025

President Trump said on Monday there may be exceptions for some countries on reciprocal tariffs.

“I may give a lot of countries breaks, but it’s reciprocal, but we might be even nicer than that,” Trump said at a White House press conference on Monday announcing Hyundai’s $5.8-billion investment to build a steel plant in Louisiana.

He had been asked by a reporter if certain countries or sectors might get a break on the levies.

Trump called April 2 “Liberation Day,” when the reciprocal tariffs will be announced.

However, he noted that 25% duties on users of Venezuelan oil were announced as well on Monday, and that these would be in addition to any existing tariffs.

Also, he said: “We’ll be announcing some additional tariffs over the next few days, having to do with automobiles … and having also to do a little bit with lumber down the road.”

“But for the most part, April 2 will be a big day,” he added. “That’ll be ‘Reciprocal Day,’ and we’ll be bringing some of the money back that’s been taken from us.”

The president didn’t specify any exceptions for any particular countries or sectors.

As SMU previously reported, Trump has said he has no plans for exemptions on the recently enacted Section 232 steel and aluminum tariffs.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.