President Trump has announced plans to impose reciprocal tariffs on several countries starting April 2, 2025, but hinted that some countries might receive exemptions. Trump stated that the tariffs will be substantial, but the US might take less than what other countries are charging, considering the significant trade imbalance 
The president also mentioned that additional tariffs on specific goods, such as automobiles, lumber, and semiconductors, could be introduced as early as this week. Furthermore, Trump announced a 25% tariff on goods from any country that imports Venezuelan oil
It’s worth noting that the impact of these tariffs on the global economy is a concern. Experts predict that tariffs and trade policy uncertainty could weigh on both US and global GDP. A universal 10% rise in US tariffs, accompanied by retaliation from the euro area and China, could reduce US GDP by 1% and global GDP by roughly 0.5% through 2026
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