US President Donald Trump is set to announce reciprocal tariffs today at 1pm Eastern Time following his recent threats to impose tariffs on imports from countries that charge higher duties on American goods.
On his Truth Social platform, Trump highlighted the importance of the announcement, calling it “the big one.”
While specific details on the tariff rates, structure, and timeline remain unclear, Trump has consistently stated that the policy aims to match foreign tariffs on US exports.
Trump on Monday ordered 25% tariffs on foreign steel and aluminum, set to take effect next month.
Thursday’s announcement comes ahead of Trump’s meeting with Indian Prime Minister Narendra Modi and follows previous tariff threats against major trading partners like Canada and Mexico.
Tariffs could lead to higher prices for American consumers, potential inflation, and retaliation from affected countries, with Canada and Mexico already preparing countermeasures.
All 13 of Canada's provincial and territorial premiers are currently in Washington, DC engaging in a diplomatic effort to counter the looming tariff threats.