Trump teases 'exceptions' to 10% baseline tariffs

Source: Business Insider

Apr 12, 2025, 9:07 AM ET


President Donald Trump on Friday teased that his sweeping baseline 10% tariff on most trading partners could have "a couple of exceptions."

Speaking to reporters on board Air Force One as he made his way to his Mar-a-Lago resort in Florida, Trump said 10% was "pretty close" to a floor for those looking to make a deal. "There could be a couple of exceptions for, you know, obvious reasons, but I would say 10% is a floor," he told reporters, without elaborating.

The 10% baseline rate, announced as part of the president's "Liberation Day" tariffs, came into effect on April 5. Higher duties on certain countries also began on April 9 before Trump called for a 90-day pause. The policy changes have fueled wild volatility in both stock and bond markets this week and drawn concern from economists and some notable names on Wall Street.

Pressed on what he thought about the market reaction, Trump told reporters Friday: "I think people are seeing we're in great shape. We're making a lot of money as a country now." "I think the bond market's going good. It had a little moment but I solved that problem very quickly. I'm very good at that stuff you know," he added.

Read more: https://www.businessinsider.com/president-donald-trump-teases-exceptions-tariffs-baseline-levies-2025-4