Trump announces plans for new reciprocal tariffs on trading partners

U.S. President Donald Trump plans to impose reciprocal tariffs on trading partners, announcing a news conference for Thursday afternoon. He described the tariffs as a significant step in his economic agenda. Trump recently signed executive orders for 25% tariffs on foreign steel and aluminum, effective March 12. This move has faced criticism from key trading partners, including Canada. The term "reciprocal tariffs" remains unclear, as Trump has not detailed its definition. Unlike retaliatory tariffs, which Canada may impose in response, the U.S. tariffs would not match any existing Canadian tariffs.