Trump to soon impose tariffs on autos, aluminum and pharmaceuticals
What's the story
US President Donald Trump has announced plans to impose tariffs on automobiles, aluminum, and pharmaceuticals in the near future.
The announcement was made during a press conference at the White House.
Commerce Secretary Howard Lutnick revealed that the US will introduce what he termed "the external revenue service" on April 2.
This new initiative is expected to be a major part of Trump's impending tariff strategy.
Tariff details
'Liberation Day' announcement to address global trade deficit
Trump has called the upcoming tariff announcement "Liberation Day."
The main objective of this effort is to cut a $1.2 trillion global goods trade deficit by matching US tariffs with other countries and fighting their non-tariff trade barriers.
However, recent reports in the Wall Street Journal and Bloomberg indicate that sector-specific tariffs could be delayed when Trump applies reciprocal levies on April 2.
Additional tariffs
Trump announces 25% tariff on nations buying Venezuelan oil
Along with the proposed tariffs, Trump has also announced a 25% levy on any nation buying oil or gas from Venezuela.
The move is viewed as an effort to choke a major revenue source for the Nicolas Maduro regime in Caracas.
This will also ramp up pressure on China, a major buyer of Venezuelan crude, which is already facing 20% tariffs under Trump's policies.
Targeted approach
Trump's tariffs to be more targeted than before
Trump's next wave of tariffs is likely to be more targeted than the broad measures he has threatened before.
The US President will announce widespread reciprocal tariffs on blocs or nations, barring only a few countries.
This approach is a departure from Trump's original plans of a global across-the-board tariff at a flat rate.