Trump to announce reciprocal tariffs on US trading partners Thursday

President Donald Trump announced plans to impose reciprocal tariffs on U.S. trading partners, matching their import tax rates. He will hold a news conference in the Oval Office to discuss these tariffs further. The new tariffs could impact the global economy, potentially increasing inflation and affecting growth. Trump has previously threatened tariffs on countries like China, Canada, and Mexico, raising concerns about a trade war. The White House argues that these tariffs will create fairer trade and increase government revenue. However, economists warn they may lead to higher consumer prices and economic challenges.