Washington: U.S. President Donald Trump announced that his administration will soon unveil new tariffs on automobiles, with the announcement expected "over the next few days." This development has sparked speculation about the timing of these new levies, which could precede the introduction of "reciprocal" tariffs set for early next month.

According to Yonhap News Agency, Trump made these remarks during an event with Hyundai Motor Group Executive Chair Euisun Chung, where the South Korean conglomerate revealed plans to invest $21 billion in the United States by 2028. Addressing questions from the press, Trump indicated that the upcoming tariffs would affect cars, with potential future implications for lumber and chip industries. He emphasized a desire to encourage chip companies to return to U.S. soil.

When asked about potential tariff exemptions for certain countries, Trump suggested that he might offer "reciprocal" breaks. He reiterated that April 2 would be significant, describing it as "Liberation Day," when reciprocal tariffs will be announced to mirror the tariffs other nations impose on U.S. exports. These tariffs will be tailored based on trading partners' tariff barriers, non-tariff barriers, and other economic factors.

Trump also addressed the broader strategy of his administration during a Cabinet meeting, noting that tariffs on pharmaceuticals would be announced in the future due to the strategic importance of these industries for national security. The president underscored the necessity for the U.S. to maintain capabilities in steel, aluminum, and pharmaceuticals to safeguard the nation during crises, such as wars.

Highlighting his administration's broader trade strategy, Trump stated that America has been exploited by various countries and that tariffs are a tool to revitalize domestic manufacturing, reduce the trade deficit, and confront issues like illegal immigration and drug trafficking.