Trump makes exceptions to tariff rules for most countries

"There could be a couple of exceptions for obvious reasons but I would say 10% is a floor," the president told reporters on Friday evening aboard Air Force One.

He did not specify what these obvious reasons were and did not indicate any new changes to his tariff policy.

Trump stated that he might offer some exceptions to his 10% tariff for most of the US trade partners. However, he also emphasized that the tariff rate is pretty close to the minimum level for countries seeking to negotiate trade agreements.

The president downplayed the significance of the market turmoil.

"I think the markets were solid today. I think people are seeing we’re in great shape," Trump said, adding that the US dollar will always remain the currency of choice.

Nevertheless, according to Bloomberg Economics, even with temporary relief for other trade partners, the high tariff rate of 125% for China will cause the average tariff rate in the US to reach historic levels. The prolonged trade conflict between the two largest economies in the world threatens trade worth $690 billion.

US trade wars

On April 2, Donald Trump imposed new tariffs on imports from over 180 countries worldwide. The tariff rates range from 10% to 54%, depending on the country and specific groups of goods and raw materials.

The introduction of these tariffs triggered a drop in global stock market indices, particularly in the US, China, and Taiwan.

On April 9, Trump suspended additional tariffs for 90 days for over 75 countries that reached out to the US with proposals for negotiations. During this period, a uniform tariff rate of 10% was applied to these countries.

Trump's trade war has significantly destabilized global markets. On April 10, investors sold off US bonds and instead purchased Swiss francs, euros, Japanese yen, and gold.