President Donald Trump has scheduled an Oval Office news conference to disclose his plan for imposing reciprocal tariffs on other countries. The announcement, set for Thursday at 1 p.m. ET, promises to shed light on a strategy that remains largely undefined. Trump made the announcement on Truth Social with an all-caps post, proclaiming, "TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!" While the post itself offered no specific details, it signaled the forthcoming revelation of a significant trade policy shift.
The plan for new tariffs is expected to be unveiled shortly before Indian Prime Minister Narendra Modi's visit to the White House. This timing suggests a strategic alignment with key international diplomatic engagements. Trump has previously imposed duties on major trade partners, including China, Canada, and Mexico, as well as tariffs on imports of steel and aluminum. However, the new initiative is anticipated to expand upon these measures, aiming to establish a framework for reciprocal tariffs.
A notable recent development saw Trump's tariffs on Canada and Mexico paused for 30 days. This pause came after both neighboring countries committed to intensifying efforts against illegal border crossings and drug trafficking. The temporary suspension indicates a willingness to negotiate and adapt tariff strategies based on diplomatic progress and cooperation.
Thursday's news conference will take place in the Oval Office, providing an official platform for Trump to outline his vision for the new tariffs. The presser is expected to offer clarity on how these tariffs will be structured and implemented, addressing concerns and questions that have arisen since the initial announcement. The stakes are high as the plan could significantly impact international trade relations.