Image Source: NPR, https://www.npr.org/2025/03/04/nx-s1-5316230/trump-address-congress-joint-session
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President Trump announced Monday that he plans to finalize auto tariffs in the coming days, with possible exemptions for select nations based on reciprocal trade policies.
He also suggested that tariffs on lumber, semiconductors, and pharmaceuticals would be confirmed soon, Euro News said.
Last month, Trump said he would impose 25% tariffs on automobile imports on April 2, he further signed an executive order to dig deeper into trade relations on the same day, according to Euro News.
Read: Trump Announces New Auto Tariffs, Expected Around April 2
Not long after, the president granted a one-month exemption on auto tariffs under the U.S-Mexico-Canada agreement on the third of March.
“I may give a lot of countries breaks,” said Trump on Monday.
On the same day, Trump made an announcement at a White House press conference alongside Hyundai Motor Group Executive Chairman Euisun Chung, Vice Chairman Jaehoon Chang, and Hyundai Steel President Gang Hyun Seo.
Hyundai Motor Group will spend $6 billion to manufacture a steel mill in Louisiana, which will be able to produce 2.7 million tons of steel annually, Automotive News said.
The steel plant, set to supply vehicles and parts to U.S. factories, is part of the company's $21 billion investment aimed at increasing annual production capacity to 1.2 million vehicles over the next four years, according to Automotive News.
Trump said that the Hyundai Motor Group would not have to pay tariffs due to the expansion. The investment was a “clear demonstration that tariffs very strongly work,” President Donald Trump said.
Trump called April 2 tariffs announcements “Liberation Day,” Reuters said.
Earlier reports from Bloomberg and the Wall Street Journal indicated that the administration was refining its strategy on the widespread tariffs Trump had vowed to implement on April 2, with the possibility of postponing certain industry-specific duties, according to Reuters.
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