U.S. President Donald Trump said he plans to unveil reciprocal tariffs on Thursday afternoon but gave no details about his latest tariff plan, which could take aim at every country that charges duties on U.S. imports.
“Today is the big one: reciprocal tariffs,” Trump wrote on his social media platform.
He later posted he would detail the latest in a barrage of tariffs on imports to the U.S. he has unveiled since taking office last month in a press conference at 1 p.m. (1800 GMT).
That will come a few hours ahead of Indian Prime Minister Narendra Modi’s White House visit. Modi, who is scheduled to arrive at 4 p.m. (2100 GMT), oversees a government that imposes the highest tariffs on U.S. exports of any major U.S. trading partner.
The Republican president’s latest round of market-rattling tariffs has ratcheted up fears of a widening global trade war and threatened to accelerate U.S. inflation.
“THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!” Trump posted early Thursday. He later posted that he’ll hold a 1 pm ET press conference to announce the new tariffs.
Reciprocal tariffs were one of Trump’s core campaign pledges — his method for evening the score with foreign nations that place taxes on American goods and to solve what he has said are unfair trade practices.
“Very simply, it’s if they charge us, we charge them,” Trump said Sunday, explaining why he intends to enact reciprocal tariffs. He is set to share more details on the tariffs ahead of his visit with Indian Prime Minister Narendra Modi, White House press secretary Karoline Leavitt told reporters on Wednesday.