Trump announces new tariffs targeting allies and competitors in trade war escalation

President Donald Trump announced new "reciprocal tariffs" targeting both allies and competitors, escalating the ongoing trade war. He stated that US allies can be "worse than our enemies" regarding trade practices. The tariffs will vary by trading partner. The tariffs aim to address trade imbalances and are expected to consider factors like value-added tax. The exact implementation date remains unclear. Analysts warn that these tariffs could lead to higher inflation and affect emerging markets more than countries with trade deals. Trump's announcement comes before a meeting with Indian Prime Minister Narendra Modi, who has already offered some tariff concessions. The new tariffs could impact countries like India and Thailand, which have higher effective tariff rates on US imports.