Trump announces plan for reciprocal tariffs targeting global trade partners

On February 13, President Donald Trump announced a plan for "reciprocal tariffs" that could affect both allies and competitors. This move marks a significant escalation in the ongoing trade tensions, as Trump aims to impose tariffs based on what other countries charge the U.S. The new tariffs will be tailored to each trading partner, considering their existing tariffs and any discriminatory taxes. The U.S. trade representative and commerce secretary will propose specific measures, with potential implementation starting as early as April 2. Trump's announcement comes amid concerns that these tariffs could increase inflation in the U.S. He acknowledged that prices might rise but expressed confidence they would eventually stabilize. The plan could impact countries with high tariffs on U.S. goods, including the European Union, India, and Brazil.