Trump unveils plan for reciprocal tariffs in trade war escalation

President Donald Trump has announced a plan for "reciprocal tariffs" aimed at both allies and competitors. This marks a significant escalation in the ongoing trade war, with tariffs set to match those imposed by other countries on U.S. goods. The U.S. will evaluate countries with the largest trade deficits and unfair practices. The tariffs will consider non-tariff factors, such as value-added tax, and will be tailored to each trading partner. Trump's announcement comes before a meeting with Indian Prime Minister Narendra Modi. Analysts warn that these tariffs could lead to higher prices for U.S. consumers and impact emerging market economies.