President Trump May Soften Reciprocal Tariffs on Trade Partners

Washington, DC, May 25, 2025-"President Trump said that he might soften the 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,” reports the Wall Street Journal

“‘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.”