President Donald Trump said Wednesday that he was open to offering exemptions to certain US companies, and was particularly struck by tariffs through his own negligence.
The president and Treasury Secretary Scott Bescent spoke to reporters Wednesday afternoon and were repeatedly asked about the effects their tariffs had on financial markets and whether recent declines would affect future trade decisions.
When asked specifically whether Trump would consider “exempting” large US companies that have been hit particularly hard by the new tariffs, the president said he would consider it.
“Let’s look at it over time. We’ll look at it,” Trump replied. “There are a few difficult things. Due to the nature of the company, we’ll take a bit harder and see that.”
Donald Trump’s allies, supporters and donors are led by Elon Musk and push to end the tariff war.
President Donald Trump keeps charts when making mutual tariff remarks at an event at the Rose Garden in the White House in Washington, DC on April 2, 2025 (Brendan Smialowski/AFP via Getty Images)
When asked how to decide which companies would receive such exemptions, Trump replied “instinctively.”
“You can hardly take a pencil to paper. That’s really just an instinct more than anything else,” Trump added. “Some companies may be in an industry that doesn’t have their own fault and happens to be affected by these things more than others. You have to be able to show a little more flexibility.
Charlie Gasparino breaks down Trump’s tariff suspension: “This forced him.”
“We need flexibility,” Trump said Wednesday. “There’s a wall here and I’m going to go through that wall. I’m going to go through it. No matter what, just keep going. You can’t go through the wall. Sometimes you have to be able to go underneath, around the wall, or above the wall.”
Television Market News on the floor of the New York Stock Exchange in New York, April 4, 2025 (Michael Naggle/Bloomberg via Getty Images)
According to a report from the Wall Street Journal, after the announcement of the president’s “liberation day” tariff, the Trump administration released a list of sculptures related to around $6440 billion, including 10% universal tariffs, including “mutually high” tariffs targeting other countries such as China and the European Union.
The exemption includes $185 billion in goods from Canada and Mexico, but the country is subject to other tariffs, according to the report.
The White House warns against tariff retaliation, Trump says, “He has a steel spine and he won’t break.”
April 3, 2025, truck with vehicles across the border of the Blue Water Bridge Bridge Bridge from Sarnia, Ontario, Canada to the US (Jeff Robbins/AFP via Getty Images)
Additionally, the Trump administration exempts certain industries, such as the drug and semiconductor industries from the new tariffs, but the president signalled a possible change. These sectors and others face ongoing investigations, called Section 232 surveys, according to Market Watch, to assess the need for challenges.
Regardless of the findings of the investigation, it appears that Trump is set to raise tariffs on the pharmaceutical industry. He told audiences at a dinner hosted by the National Republican Congressional Committee on Tuesday night that “major tariffs on medicines” would be announced soon.
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The White House declined to comment on this article.
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