Trump says he may "give a lot of countries breaks" on tariffs

US President Donald Trump

US President Donald Trump on Monday said that he may "give a lot of countries breaks" on tariffs, as his April 2 deadline to impose "reciprocal tariffs" on US trading partners draws closer.

"I may give a lot of countries breaks, but it's reciprocal," Trump told reporters at the White House Monday afternoon.

He noted that the European Union (EU) has agreed to lower car tariffs to 2.5 per cent as part of a deal with the Trump administration.

"We'll be announcing some additional tariffs over the next few days, having to do with automobiles, cars, and having also to do a little bit with lumber down the road, lumber and chips," Trump continued.

"But for the most part, April 2 will be a big day, that will be a reciprocal day, and we'll be bringing some of the money back that's been taken from us," Trump said.

Earlier in the day, Trump announced on social media that he'll impose a 25-per cent tariff on any nation that purchases oil and/or gas from Venezuela, accusing the Latin American country of sending "tens of thousands of" criminals to the United States.

When asked by a reporter whether the 25 per cent tariff is "on top of existing tariffs," Trump said "yes."

With key US economic indicators showing concerning trends, economists and investors warn that the risk of a "Trumpcession" has grown due to unpredictable trade and economic policies.

Earlier this month, Bruce Kasman, JPMorgan's chief global economist, expressed heightened concerns about the US economy.

He told reporters in Singapore that the investment bank now estimates a 40 per cent chance of a US recession this year.