Trump Says 10% Universal Tariff Rate Negotiable; Opens Door to Longer Pause
President Donald Trump said that the 10% universal tariff rate that he imposed on April 2 is not necessarily permanent, depending on what other countries are willing to give the U.S. in return for removal.
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When asked by a reporter after an April 10 Cabinet meeting if countries can negotiate to bring down the 10% tariff rate, he responded, "It depends on what they're adding ... every country is different."
He referred to the 10% rate as a "baseline," but then went on to say it may depend on whether countries have "massive deficits" with the U.S. or "big surpluses."
Trump said that tariffs would resume after 90 days "if we can't make the deal that we want to make, or we have to make." If countries are unable to negotiate a deal that is "good for both parties," then "we'd go back to where we were," he said.
When asked if that meant the rates announced on April 2, he replied, "Yeah, I think so," and when asked if he would extend the pause, he said, "No, we'll have to see what happens at that time."
He also didn't have a firm answer on the possibility of exceptions to the tariffs. "I'm not considering [it] now for any country or company, but it's possible that I would. But we don't have that situation right now. People understand where we are, what we're going to do, but it could happen. You know, it's called flexibility. You have to have a certain flexibility."