Washington: U.S. President Donald Trump reiterated Friday that he will exert flexibility on tariff policies, but his administration's new levies on goods coming into the United States would "basically" be "reciprocal."
According to Yonhap News Agency, Trump made the remarks during a press availability as his administration plans to roll out country-by-country reciprocal tariffs on April 2. These tariffs will be customized based on trading partners' tariff- and non-tariff barriers and other factors, including exchange rates and unfair trade practices.
"The word, flexibility, is an important word. ... There will be flexibility, but basically, it's reciprocal," Trump stated. When asked about the possibility of offering tariff exceptions, he expressed reservations, emphasizing that offering exceptions to one would necessitate doing the same for all.
Trump continued to articulate his dissatisfaction with how America has been treated in global trade and defense arrangements, asserting that the country has been "ripped off" by both allies and adversaries. "We protect people, and they don't do anything for us. It's just so unfair for years and years. Now some of that money is going to be coming back to us in the form of tariffs," he remarked.
In an earlier address to Congress, Trump highlighted his critical view of South Korea as a trading partner, noting that South Korea's average tariff is significantly higher than that of the U.S. He pointed out that while South Korea's average tariff on its most-favored nations stands at around 13.4 percent, the U.S. maintains a 3.3 percent rate on its MFNs.
Seoul has been actively engaging in discussions with Washington to secure tariff exemptions or at least ensure that South Korean companies do not face any disadvantages. Trump, however, emphasized a straightforward solution for those seeking to avoid tariffs: "How do you avoid paying the tariffs? You build your plant in the United States," he said.