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U.S. President Donald Trump said Monday he may temporarily exempt the auto sector from reciprocal tariffs to give carmakers time to adjust their supply chains.
Speaking to reporters in the Oval Office, Trump said, "I am thinking of something to help the automakers. They need time to move production from Mexico and other places. They are going to produce in America, but they need some time."
There will be no relief from tariff on electronic products
Meanwhile, after excluding electronic products like smartphones and laptops from the scope of reciprocal tariffs, Trump has said that no country will be able to escape the tariffs in terms of trade. There are no exceptions to the tariffs. Smartphones, laptops and other electronic products coming from China are still subject to a 20 percent duty and these items are being moved to a separate category. We will not be hostage to other countries, especially hostile trading nations like China.
Later, speaking to reporters on Air Force One, Trump said he would announce new tariffs on semiconductors next week. These tariffs will come into effect very soon. South Korea's acting President Han Duck-soo said on Monday that President Trump has directed his administration to hold immediate tariff talks with South Korea, Japan and India.
Xi Jinping warns against tariff war
Chinese President Xi Jinping has said that there are no winners in a tariff war. In an editorial published in the media on the occasion of his visit to Vietnam, Jinping wrote - Both America and China should firmly safeguard the multilateral trading system, stable global industrial and supply chains and a cooperative international environment. China will ensure continuity and stability in its neighborhood diplomacy and jointly advance the modernization of Asia. China will deepen friendly cooperation with its neighboring countries. We will remain committed to the principle of friendship, sincerity, mutual benefit and inclusiveness.
China increased exports to avoid US tariffs
China said its exports rose 12.4 percent in March from a year earlier as companies sought to avoid tariff hikes imposed by US President Donald Trump. Imports fell 4.3 percent in the same period. Exports rose the most at 17 percent to China's Southeast Asian neighbors. Exports to Africa rose more than 11 percent.
Exports from the world's second-largest economy grew 5.8 per cent year-on-year in the first three months (January-March) of 2025, while imports fell seven per cent. China's trade surplus with the US stood at $27.6 billion in March, while its exports grew 4.5 per cent. China's trade surplus with the US stood at $76.6 billion in the first quarter of the year (January-March).
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