Trump set to announce another new round tariffs

President Donald Trump is expected to announce a new round of sweeping reciprocal tariffs on Thursday, matching higher rates other nations charge to import American goods.

President Donald Trump is expected to announce a new round of sweeping reciprocal tariffs on Thursday, matching higher rates other nations charge to import American goods. “Very simply, it’s if they charge us, we charge them,” Trump said Sunday, explaining why he intends to enact reciprocal tariffs. He is set to share more details on the tariffs ahead of his visit with Indian Prime Minister Narendra Modi, White House press secretary Karoline Leavitt told reporters on Wednesday. Leavitt echoed Trump’s message on Wednesday, saying, “This is something he believes strongly in, and it’s very simple logic as to why the President wants to impose reciprocal tariffs.” Other nations have been “ripping off” the US, she said, “and that’s why the president believes this will be a great policy that will benefit American workers and improve our national security.” Tariffs are a key part of Trump’s pledge to raise revenue to pay for the extension of his 2017 tax cut on top of other promised tax cuts. But the burden of tariffs could ultimately fall on American consumers, economists say. Taxed importers pass the costs on to retailers, which then raise prices for consumers. The tariffs are likely to hit developing countries hardest, especially India, Brazil, Vietnam, and other Southeast Asian and African countries, given that they have some of the widest differences in tariff rates charged on US goods brought into their countries compared to what the US charges them. For instance, in 2022, the US average tariff rate on imports from India was 3%, whereas India’s average tariff rate on imports from the US was 9.5%, according to World Bank data.