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President Donald Trump has informed Republican lawmakers of his intention to announce reciprocal tariffs as early as Friday, three sources familiar with the matter told reporters.
The move would fulfil a Trump campaign pledge to impose tariffs on American imports matching the rates that trading partners apply to US exports. However, the specific countries affected remain unclear as details of the proposal have not yet been disclosed.
Trump discussed the plan during budget talks at the White House on Thursday, according to the sources. The president and his aides have indicated that higher tariffs on foreign imports would help finance an extension of his 2017 tax cuts. However, raising significant revenue through tariffs could be challenging, as they have historically accounted for only about 2% of annual US revenues.
The White House did not immediately respond to requests for comment.
Trump had previously announced 25% tariffs on Canada and Mexico on Saturday but postponed them following a negative reaction from investors. Both countries later agreed to bolster border enforcement efforts, a key priority for Trump.
Following reports of Trump’s discussion with lawmakers, Wall Street extended losses on Friday.
Faridah Abdulkadiri
The post Trump Set to Announce Reciprocal Tariffs Amid Budget Talks with Republican Lawmakers appeared first on Arise News.
