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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One person was killed and nearly a dozen hurt in a fresh attack on Riyadh's international airport on Sunday, Saudi authorities reported, a day after a strike claimed by Yemen's Houthis killed 13 people and wounded more than 300.
Yemen's Houthis renewed warning to airlines, airport workers, and travellers against using Saudi airports, saying the warning should be taken seriously and that the kingdom “bore responsibility for failed interceptions”, a day after an attack on Riyadh's international airport that killed 12 people.
The Saudi-led coalition in Yemen said late Monday that it intercepted and destroyed two ballistic missiles launched by the Houthi group toward Khamis Mushait in southwestern Saudi Arabia.
The Houthi movement has escalated their attacks on Saudi Arabia, targeting the airport in Riyadh and other cities, killing more than a dozen people.
The Kremlin on Monday rejected a 60-day ceasefire idea proposed by Ukrainian President Volodymyr Zelenskyy to allow his country to hold presidential elections, saying it wanted an overall peace deal instead.
Ukrainian President Volodymyr Zelenskyy says Russia hit at least six energy targets in deadly strikes across Ukraine, showing Moscow is unwilling to accept the energy ceasefire announced by U.S. President Donald Trump.
Climate activist Greta Thunberg joined high school students protesting outside a school in the Paris suburb of Saint-Denis on Tuesday, as a wave of student demonstrations continues across France.
North Korean leader Kim Jong Un has visited a newly opened defence museum displaying weapons developed under his leadership, including an intercontinental ballistic missile capable of reaching the United States.
Southeast Asian foreign ministers are set to discuss measures to tackle transboundary haze during preparatory meetings ahead of the ASEAN summit in November, as forest and land fires in Indonesia continue to affect air quality across the region, the Philippines said on Tuesday.
Britain's Prime Minister Andy Burnham has said the United Kingdom believes Iran was likely behind an alleged plot connected to RAF Fairford, a military airbase in Gloucestershire in England that has played a role in U.S. operations against Iran, escalating tensions between London and Tehran.
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