Washington, DC [US], March 31 (ANI): US President Donald Trump on Sunday (local time) outlined his administration's approach to upcoming tariffs, the auto industry, and the economy, stating that the US would be more generous than other countries.

When asked if tariffs will be set at higher rates the US president said, 'No, the tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America over the decades. They ripped us off like no country has ever been ripped off in history, and we're going to be much nicer than they were to us. But it's substantial money for the country nevertheless.'

Addressing reporters here, Trump when pressed on how many countries would face these tariffs said, 'Essentially all of the countries that we're talking about. We'd be talking about all countries that are not cut off.'

He pointed to historical trade imbalances, particularly in Asia, stating, 'You go to certain places, go to Asia, and you take a look at every single country in Asia, at what they've done to the United States in trade... I wouldn't say anybody has treated us fairly or nicely. But we are going to treat them. We're going to be much more generous to them in terms of heart.'

Regarding outreach from car manufacturers, Trump dismissed any reconsideration of his plans, saying, 'The automakers are going to make a lot of money. The American automakers or international automakers... They're going to build in the United States.'

He emphasised the benefits of US-based production, adding, 'The people that are going to make money are people that manufacture cars in the United States. Outside of the United States, that's going to be up to them. I don't care too much about that.'

Trump predicted unprecedented profits for US car manufacturers and other industries like chips, pharmaceuticals, lumber, and steel, provided they operate domestically.

The Trump Administration, in a policy announcement, declared a 25 per cent tariff on all imported vehicles entering the United States, a move he described as 'very exciting' for domestic manufacturing.

The tariffs, set to take effect on April 2, will impact nearly half of all vehicles sold in the United States, including American brands assembled overseas. The wide-ranging measure aims to incentivise car manufacturers to establish more production facilities within US borders.

Addressing economic concerns, particularly stagflation, Trump brushed off the notion, stating, 'I haven't heard that term in years... This country is going to be more successful than it ever was. It's going to boom. You're going to have Boomtown USA.'

He outlined a vision of self-reliance, saying, 'We don't want to be buying our pharmaceuticals from other countries because if we're in a war, we're in a problem. We want to be able to make our own. We have our own lumber. We have our own energy... We don't need anything from Canada.' Trump concluded. (ANI)