U.S. President Donald Trump has indicated that he is prepared to take a more flexible stance on new tariffs for automobiles and other goods than initially expected.
Previously, the president had announced plans to impose duties on various products, including cars, steel, aluminum, and pharmaceuticals.
"We will announce our decision on cars very soon. Steps have already been taken regarding steel and aluminum. As for pharmaceuticals, we will make an announcement in the near future because we need them. We no longer manufacture pharmaceuticals in our country," Trump stated.
The president also mentioned that some countries might be exempt from these tariffs, though he did not provide specific details. This statement sparked optimism among investors, leading to a rise in U.S. stock markets.
Nevertheless, White House officials emphasized that Trump remains committed to his trade policy and the imposition of strong reciprocal tariffs. According to the administration, these measures will both increase government revenue and create new jobs.
Hyundai to Begin Production in the U.S.
Trump also announced that South Korean automaker Hyundai will invest $21 billion in the U.S. The company plans to start manufacturing cars and steel domestically. According to the president, this investment will allow Hyundai to avoid tariffs:
"If you manufacture your products in America, no tariffs apply," Trump noted.
New Trade Sanctions Against Venezuela
The U.S. president has taken another aggressive step in trade policy, unveiling a new tariff strategy targeting Venezuela. Under the new policy, any country purchasing oil or gas from Venezuela will face a 25% tariff on exports to the U.S.
Trump also criticized the Venezuelan government, alleging that the country has sent "tens of thousands of violent individuals" to the U.S.
In response, Venezuelan authorities condemned the move, calling it "a new act of aggression." Following Trump's announcement, oil prices surged, with U.S. benchmark WTI crude rising by approximately 1% during Monday’s trading session.
Trump’s latest trade policies remain in the spotlight for businesses and investors. In the coming weeks, all eyes will be on how the tariff strategy evolves.
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UK authorities have raised an amber heat health alert for much of southern England, warning that the ongoing heatwave could lead to a rise in deaths.
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A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
French member of parliament Olivier Marleix was found dead at his home on Monday, with suicide being considered a possible cause.
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