President Donald Trump said that tariffs will likely be more “lenient than reciprocal,” as the April 2 tariff deadline looms for a number of levies to go into effect.

“I’ll probably be more lenient than reciprocal, because if I was reciprocal, that would be very tough for people,” Trump said Tuesday in an interview with Newsmax.

“I know there are some exceptions, and it’s an ongoing discussion, but not too many, not too many exceptions,” the president added.

The comments come as investors worry that a more severe approach signaled by the Trump administration would dampen consumer and corporate sentiment enough to slow down the U.S. economy. On Tuesday, the Conference Board said its measure for consumer expectations on business, income and labor dropped to a 12-year low.

Stocks have struggled recently, with the S&P 500 dropping 3% in the past month. The benchmark also dipped into correction territory amid the tariff pressures, briefly trading more than 10% below a record set in February.

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