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Amid global market turmoil, US President Donald Trump has hinted that there will be possible exemptions from his tariff regime that he could offer to some countries, stressing that 10 percent was the baseline.
“There may be some exceptions for obvious reasons, but I would say 10 percent is a floor,” Trump told reporters aboard Air Force One on his way to Florida. He did not elaborate on what the “obvious reasons” were.
Trump's comments came after his trade policies drove up stock markets in recent days.
The president imposed higher tariffs on dozens of countries, only to cancel them hours later, setting a 90-day deadline for negotiations, after seeing financial markets rattled by fears that the new import duties could damage the global economy.
Saying the US was in "great shape", Trump highlighted the success of his trade policies, explaining that he lowered tariffs to 10 per cent because he "wanted to be fair to other people, other countries".
When asked about the trade war with China, Trump called Chinese President Xi Jinping "a very good leader, a very smart leader," adding that "something positive will come."
Beijing on Friday raised tariffs on all American goods to 125 percent, echoing a move by the White House that raised tariffs on Chinese imports to the same level, in addition to an existing 20 percent tax.
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