Trump plans new tariffs that could raise $1 trillion annually

President Donald Trump announced plans for new "reciprocal" tariffs that could generate $1 trillion annually. This would be the largest tax increase on Americans since World War II, potentially implemented without congressional approval. The tariffs will be based on the import taxes other countries charge on U.S. goods. The Department of Commerce and U.S. Trade Representative will develop specific tariff levels, which may take weeks to finalize. The proposal could lead to significant tax increases for American businesses and consumers. The new tariffs are not expected to be implemented until at least April, allowing time for further developments.