Trump to announce new reciprocal tariffs targeting countries with U.S. import taxes

Donald Trump is set to announce new "reciprocal tariffs" tonight, aimed at countries that impose taxes on U.S. goods. This move aligns with his campaign promise to address what he calls unfair trade practices. These tariffs will be in addition to a recent 10% across-the-board tariff and existing tariffs on Chinese goods, as well as 25% tariffs on steel and aluminum. The announcement comes as Trump meets with Indian Prime Minister Modi. The tariffs are part of Trump's strategy to generate revenue for extending his 2017 tax cuts. Discussions between Trump and Modi may influence the potential impact on Indian exports to the U.S.