Trump unveils plan for reciprocal tariffs on imports, raising economic concerns

President Trump has announced a new plan to impose reciprocal tariffs on imports, matching the tax rates of other countries. This move aims to address trade imbalances and could lead to increased costs for American consumers and businesses. The tariffs will be tailored for each country and may prompt retaliatory measures from trading partners. Trump has also indicated that existing tariffs on steel and aluminum will remain in place, complicating the trade landscape. The administration expects these tariffs to generate revenue and help reduce the budget deficit. However, analysts warn that the plan could lead to higher inflation and economic growth challenges.