President Trump plans new tariffs on cars, aluminum, and drugs, with potential exemptions, to cut the trade deficit.

President Trump announced plans to impose tariffs on cars, aluminum, and pharmaceuticals soon, though not all tariffs will be enforced on April 2. He hinted at possible exemptions for some countries, which boosted US stocks. Trump also set new 25% tariffs on countries buying Venezuelan oil, raising oil prices. The tariffs aim to reduce the US's $1.2 trillion trade deficit and counteract other countries' trade barriers. This follows previous tariffs on Chinese, Canadian, and Mexican imports.