Trump Says Auto Tariffs Coming, Not All Levies Take Effect on April 2

US President Donald Trump said on March 24 automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2, while some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks.

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At the same time, Mr. Trump opened another front in a global trade war by aiming 25 percent secondary tariffs at any country that buys oil or gas from Venezuela, a directive that sent oil prices climbing.

At the White House, Mr. Trump told reporters not all the new tariffs would be announced on April 2, and said he may give "a lot of countries" breaks on tariffs, but provided no details.

A White House official declined to say exactly when sector-specific tariffs on automobiles, pharmaceuticals, or semiconductor chips would come into effect, noting that it was still "TBD (to be determined)" and at the President's discretion.

The official cautioned against expecting a tariff reprieve, adding, "The President is determined to implement reciprocal tariffs that are very strong. People should expect that."

Bloomberg and the Wall Street Journal reported earlier that the administration was narrowing its approach to the broad batch of levies Mr. Trump has been saying for weeks would be imposed on April 2, and could delay sector-specific tariffs.

US stocks ended March 24 broadly higher on optimism that the tariffs set to be detailed next week may not be as extensive as expected. The S&P 500 index gained nearly 1.8 percent to close at its highest in more than two weeks.

Meanwhile, Mr. Trump said the US would impose tariffs on autos, pharmaceuticals, and aluminum in "the very near future," arguing that the US would need all those products in the event of wars or other problems.

The auto tariffs would come in the next few days, Mr. Trump said later in the day, adding that tariffs on lumber and semiconductor chips would follow "down the road."