WASHINGTON—President Trump said that he might soften reciprocal tariffs he plans to impose on U.S. trading partners next month, and that some nations might be exempt.
“I may give a lot of countries breaks,” Trump told reporters Monday in the Oval Office. He said the reciprocal tariffs could stop short of his pledge to equalize U.S. duties with rates other nations charge.
“I’m embarrassed to charge them what they’ve charged us,” Trump said.
Trump’s remarks were the latest recalibration of a slate of tariffs Trump has said he would lay out on April 2, a date he has called “liberation day.” He said Monday that other tariffs on goods such as automobiles, lumber pharmaceuticals and semiconductors might not be implemented until later.
Markets rallied on expectations Trump might dial back planned tariffs.
Trump’s comments came hours after he said the U.S. would impose a 25% tariff on any country that buys oil or gas from Venezuela. Trump said that the 25% tariff would augment existing duties, including the 20% tariff he levied on China this year. That would mean 45% tariffs on the U.S.’s third-largest trading partner. According to an executive order that was signed later Monday, those tariffs will take effect “on or after” April 2.
On Monday, the Treasury Department extended Chevron’s license to operate in Venezuela through late May. Last month, the administration signaled it would give Chevron 30 days to wind down operations in the Latin American country, which would have ended its operations there in early April.
Chevron lobbied for an extension of the license. Both the tariff idea and an extension of Chevron’s license were discussed during a White House meeting last week with Trump, Chevron CEO Mike Wirth and other oil executives and U.S. officials.
The Biden administration granted Chevron a license to resume operations in Venezuela in 2022, after the first Trump administration had barred the company from operating there to put pressure on Venezuela’s leader, strongman Nicolás Maduro.
Treasury said Chevron’s general license didn’t allow it to pay taxes or royalties to Venezuela or export oil to anywhere other than the U.S.
Trump described the move as a “secondary tariff” on Venezuela over the flow of migrants to the U.S., including members of the Tren de Aragua gang. The Trump administration has said it is deporting alleged members of the gang and as part of its deportation efforts. Venezuela over the weekend said it would resume repatriation of migrants after suspending such flights because of the withdrawal of the Chevron license.
Among countries that import Venezuelan crude are China, India, Spain and Malaysia.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse,” Trump wrote on Truth Social. “Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country.”
