Trump outlines plan for reciprocal tariffs on US trading partners

President Donald Trump has signed a memorandum outlining his plan to impose reciprocal tariffs on all U.S. trade partners.

The increases will be customized for each country, and will need to be negotiated.

“I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump said in the Oval Office Thursday afternoon.

Commerce Secretary Howard Lutnick alongside Jamieson Greer, Trump’s official global trade representative, are expected to assess trade partnerships on a country-by-country basis in the next 180 days.

Trump’s administration claims that the new tariffs will level the playing field between U.S. manufacturers and foreign competitors. However, economists say that consumers will likely be shouldering the cost of the new taxes as they cause prices of consumer goods to climb.

This is developing news story. More to come.

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