"More Lenient Than Reciprocal" – Trump Signals Exemptions as April 2 Tariffs Loom

As the April 2 tariff deadline approaches, President Donald Trump reaffirmed his plan to impose new trade levies but signaled that exemptions would be granted, making the measures less severe than initially feared.

"I'll probably be more lenient than reciprocal because if I was reciprocal, that would be very tough for people," Trump told Newsmax on Tuesday. He emphasized that while some exceptions would be made, they would remain limited. "I know there are some exceptions, and it's an ongoing discussion, but not too many."

Markets had been on edge over concerns that aggressive tariffs could weigh on economic sentiment. The Conference Board reported Tuesday that consumer expectations for business, income, and labor dropped to a 12-year low, reflecting uncertainty over trade policy.

Trump has branded April 2 as Liberation Day, vowing to impose reciprocal tariffs on nations that levy duties on American goods. While details remain unclear, the administration is reportedly targeting 10 to 15 countries, including China, Germany, Japan, and Canada. However, Trump has also suggested that some nations may receive exemptions or reduced tariffs, easing fears of an all-out trade conflict.

"I may give a lot of countries breaks," he said earlier, leaving room for negotiation. His shifting stance has prompted trade partners to seek carveouts, highlighting their economic ties with the U.S.

On Monday, Trump reiterated that tariffs would be "substantial" but not necessarily uniform across sectors or countries. "They've charged us so much that I'm embarrassed to charge them what they've charged us, but it'll be substantial," he said. Initially, he suggested all sectoral tariffs would take effect April 2 but later clarified that implementation would be phased.

While the administration remains committed to its trade agenda, Trump's latest comments suggest a more flexible approach, with exemptions helping to soften the impact on key U.S. allies and trading partners.