Trump announces plan to raise U.S. tariffs to boost manufacturing competitiveness

President Donald Trump has announced a plan to raise U.S. tariffs to align with tax rates in other countries. This aims to create fairness for U.S. manufacturers against foreign competition. The proposed tariff increases could provoke retaliatory measures from other nations, potentially leading to trade conflicts. Each country's tariffs will be tailored individually. Trump's plan is expected to generate revenue to help address the U.S. budget deficit of $1.9 trillion. However, there are concerns about inflation and economic growth as a result of these changes.