Trump to announce new tariffs to match foreign import taxes on Thursday

President Donald Trump announced plans to increase U.S. tariffs to match those of other countries. He will hold a news conference in the Oval Office to discuss these "reciprocal tariffs," which could impact trade relations and the economy. Trump has already imposed a 10% tariff on Chinese imports and is preparing tariffs on Canada and Mexico. He has also removed exemptions from previous steel and aluminum tariffs and is considering new tariffs on computer chips and pharmaceuticals. The White House claims these tariffs will create fairer trade and increase government revenue. However, analysts warn that they may lead to economic challenges, including higher inflation and reduced consumer spending.