According to foreign media reports, on March 24, US President Trump said that the US tariff policy on automobiles will be officially introduced soon. However, he also hinted that the tariffs previously claimed to be imposed will not all be implemented from April 2, and some countries are expected to receive tariff reductions, but no details were disclosed.
Trump's statement has given the market, which has been turbulent for weeks due to tariff issues, and Wall Street believes that this is an important signal that the Trump administration has shown flexibility on tariff issues.
Trump's remarks were published on the occasion of jointly announcing the Hyundai Group's comprehensive investment plan with Hyundai Group Executive Chairman Euisun Chung. The plan shows that Hyundai Group plans to invest $21 billion in the United States by 2028.
Earlier on March 24, at a cabinet meeting, Trump also said that his administration would announce new tariffs on cars "soon" and "in the near future" to drug tariffs.
"We will soon announce tariffs for cars, and as you know, we have announced steel and aluminum tariffs. In the near future, we will announce tariffs for medicines because we need the pharmaceutical industry."
"We need a lot of these things that we basically don't produce now, but we actually have the ability to produce all of these products. So, we will announce some of these policies in the near future, not the distant future, very near future."
A White House official declined to say when specific industry tariffs for automobiles, drugs or semiconductor chips will take effect, just pointing out that this is still "to be determined and at the president's own discretion."
The official added: "The president is determined to impose very tough reciprocal tariffs. Everyone should expect this."
Nevertheless, Trump has previously said that tariffs can be avoided if other countries lower tariffs on the United States or move manufacturing to the United States.
When asked by a reporter whether some countries will receive tariff reductions, President Trump responded that he "may give many countries tariff reductions, but must be on a reciprocal basis."
As soon as the news came out, U.S. stocks closed up generally on March 24 as market participants generally optimistically expect tariff measures, which will be announced in detail next week, may not be as broad as expected. On the same day, the S&P 500 rose nearly 1.8%, setting a new high in more than two weeks.