Trump to announce reciprocal tariffs at 1 p.m. ET
United States President Donald Trump said he would announce a plan to enact reciprocal tariffs on Thursday, though the duties will not take effect immediately, the latest example of brinkmanship from the president against U.S. trading partners.
Trump on his social media said he would reveal his long-awaited proposal. Yet the tariffs the president is poised to announce would not take effect for weeks, if not months, according to people familiar with the matter. The president is expected to direct the U.S. Trade Representative to take over the process on reciprocal tariffs, the people said, requesting anonymity to discuss the information before it is public.
“THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!” he wrote. In a subsequent post, Trump said he would speak about the tariffs at a news conference at 1 p.m., Washington time, from the Oval Office.
The White House did not immediately respond to a request for comment. CNBC reported earlier on details of Trump’s plan.
The announcement comes just ahead of Trump’s meeting with Indian Prime Minister Narendra Modi, the leader of a nation that is poised to be hit hard by reciprocal tariffs.
The dollar fell after CNBC reported the new tariffs would not take effect immediately.
Trump has gravitated toward the reciprocal tariff plan as a key part of his push to raise U.S. levies overall. Trump has said it would apply to nations who generally have a higher average tariff rate than the U.S., which would raise its own tariff to match them.
“If they charge us, we charge them,” he said Sunday while speaking with reporters and confirming he planned to announce this week.
The White House has not shared how the
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