Key Takeaways
- President Donald Trump says he may lower tariffs on some goods and raise them on others.
- Businesses are warning of possible price hikes due to existing tariffs as inventories run low.
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President Donald Trump may adjust his tariff policies, including possible carveouts on certain consumer goods, he said in a recent interview with Politico. However, Trump warned that tariffs on other products could rise.
Trump said he had already made small tariff carveouts, citing coffee. He claimed tariffs are bringing car companies back to the US.
He also said the country had lost its chip market under past presidents and recounted asking Intel for 10% of the company in exchange for government help, claiming the US made $40 billion. He added that $18 trillion is “coming into our country” because of tariffs.
The potential policy shift comes as businesses have indicated that tariff-related price increases are expected as inventories deplete.
The Trump administration has already made trade adjustments, reducing tariffs on certain Chinese goods as part of a temporary deal to resume trade in rare-earth elements and improve relations. The US government has also moderated tariffs on imports from countries like Canada and Mexico to balance trade and address economic impacts.
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