Trump to announce new reciprocal tariffs on foreign imports today

President Donald Trump plans to announce reciprocal tariffs on foreign imports today, following the recent implementation of 25% tariffs on all steel and aluminum imports. This marks a significant escalation in his trade policy. Economists predict these tariffs could increase costs for U.S. households by over $830 in 2025 and reduce economic output by 0.4%. Business groups have criticized the tariffs, warning they will raise prices for consumers and disrupt supply chains. In response, Canadian media has urged unity against the trade war, while Chinese state media condemned the tariffs as ineffective. Trump has previously linked tariffs to issues like fentanyl smuggling, despite limited evidence from Canada.