U.S. President Donald Trump reads about tariffs on metal and aluminum, as Howard Lutnick stands within the background, within the Oval Workplace of the White Home in Washington, U.S., Feb. 10, 2025.
Kevin Lamarque | Reuters
President Donald Trump set an Oval Workplace information convention on his plan to impose reciprocal tariffs on different international locations for Thursday at 1 p.m. ET.
Trump’s all-caps submit on Truth Social saying the presser supplied no particulars concerning the plan, which stays opaque.
In one other post earlier Thursday, Trump overrated the forthcoming tariffs, writing, “TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!”
The tariffs that Trump is poised to announce Thursday is not going to go into impact till some months later, White Home officers instructed CNBC forward of the information convention.
The brand new tariffs will comply with duties Trump has already slapped on China, Canada and Mexico, in addition to on imports of steel and aluminum. Trump’s tariffs on Canada and Mexico are currently on pause after each international locations pledged to crack down on unlawful crossings and drug trafficking at their respective borders with the U.S.
Trump stated Sunday that he deliberate to slap reciprocal tariffs on “each nation” that imposes import duties on the U.S.
“Very merely it is in the event that they cost us, we cost them,” he stated on Air Power One, NBC News reported.
As a presidential candidate, Trump floated the opportunity of imposing across-the-board tariffs on all U.S. imports. However he additionally advocated for Congress to cross what he referred to as the “Trump Reciprocal Trade Act,” which might empower him to slap tariffs on the products of any nation that has greater tariffs on U.S.-made items.
Since taking workplace, Trump has signaled his plans to impose tariffs on the European Union. He has highlighted U.S. commerce deficits with European companions and complained that EU nations don’t buy sufficient American vehicles or farm tools.
EU leaders have vowed to retaliate in opposition to new U.S. tariffs, whereas warning that Trump’s actions threat sparking a widespread commerce warfare that in the end hurts everybody.
The brand new reciprocal tariffs had been anticipated to return previous to Indian Prime Minister Narendra Modi’s visit with Trump on the White House on Thursday afternoon.
— CNBC’s Eamon Javers contributed to this report.
