US President Donald Trump says he will unveil “reciprocal” trade tariffs on Thursday, adding: “Today is the big one”.
Countries around the world have been waiting for details on potential tariffs amid a series of threats from the White House.
“Three great weeks, perhaps the best ever. Today is the big one: reciprocal tariffs,” Mr Trump wrote on his Truth Social platform on Thursday morning US time, giving no other details.
It is not clear what the president means by “reciprocal”.
Mr Trump has already announced a series of tariffs on various countries – part of an aggressive push by his administration to reset global trade.
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Impact of Trump’s steel tariffs
The US leader claims that price hikes on the people and companies buying foreign-made products will ultimately strengthen domestic manufacturing.
However, economists have questioned if they will instead lead to higher prices for consumers.
Mr Trump has already announced tariffs on all steel and aluminium imports beginning on 12 March and imposed 10% tariffs on goods from China.
He has put a 30-day hold on tariffs on goods from his neighbours, Canada and Mexico.
Mr Trump has warned that the UK “is out of line” on trade with the US and told reporters “we’ll see what happens”. But he said he was confident the situation “can be worked out” without tariffs.
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The White House had indicated that today’s announcement would happen before Mr Trump meets with Indian Prime Minister Narendra Modi at 4pm US time (7pm UK time).
The economic developments comes as the US also makes waves in security circles, with Mr Trump holding a call with Vladimir Putin and US defence secretary Pete Hegseth signalling a dramatic shift in American foreign and defence policy away from Europe.