Trump to announce new reciprocal tariffs targeting developing countries

President Donald Trump plans to announce new reciprocal tariffs on Thursday. These tariffs will match the higher rates that other countries impose on U.S. goods. The goal is to create a fairer trade environment. The tariffs are expected to impact developing countries like India, Brazil, and Vietnam, which have significant differences in tariff rates. For example, India charges 9.5% on U.S. imports, while the U.S. charges only 3% on Indian goods. These new tariffs come on top of existing tariffs on Chinese goods and a recent 10% across-the-board tariff. If implemented, they could increase costs for American consumers, particularly for imported goods like medical supplies and European cars.