Trump announces reciprocal tariffs targeting major trading partners

U.S. President Donald Trump has announced plans for "reciprocal tariffs" targeting both allies and competitors. This move marks a significant escalation in the ongoing trade war, with tariffs tailored to each trading partner's practices. Trump stated that these tariffs aim to address unfair trade practices and could raise revenue. The exact timing for the implementation of these tariffs remains unclear, as Trump prepares to meet with Indian Prime Minister Narendra Modi. Economists warn that these tariffs could increase inflation in the U.S. and impact growth. Countries like India and Thailand may face higher tariffs, while those with trade deals, such as South Korea, may be less affected.