Feb. 13 (UPI) — President Donald Trump said in a social media post he will announce reciprocal tariffs Thursday afternoon.
In the social media post Trump said Thursday the tariffs will be announced at a 1 p.m. Thursday news conference.
“TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!” Trump wrote on his Truth Social social media platform.
Trump has told reporters Sunday he intends to impose tariffs on all countries charging tariffs on U.S. goods.
“Very simply it’s if they charge us, we charge them,” Trump said, although specific details on how much the tariffs will be and on which specific countries and goods remained unclear.
Press Secretary Karoline Leavitt said during a briefing Wednesday that the reciprocal tariffs are something that Trump “believes strongly in.”
The planned announcement comes as Indian Prime Minister Narendra Modi is seeking in his Thursday White House visit to avoid added tariffs and the trade war they could cause with the United States.
He will discuss cutting Indian tariffs on some American products in a bid to begin addressing the $45.7 billion U.S.-India trade deficit.
On Feb. 2, Trump acknowledged that the tariffs he’s imposing along with the trade wars they are igniting could bring “some pain” for Americans, but he claimed the results will be “spectacular.”
According to the National Retail Federation, the Trump tariffs will cost U.S. households up to an estimated $7,600 per year.
Tariffs against U.S. allies and major trading partners has created trade uncertainty as economists predict higher inflation from the new tariffs.
On Friday the University of Michigan Surveys of Consumers found U.S. consumer sentiment falling “in part due to a perception that it may be too late to avoid the negative impact of tariff policy.”
Wednesday Japan formally requested exemption from the Trump 25% tariffs on steel and aluminum.
If the tariffs on Canada, Mexico and China Trump threatens to impose on March 1 go into effect the Petersen Institute for International Economics says it would cost the typical U.S. household over $1200 a year.
