President Donald Trump announced "reciprocal" tariffs in an early morning post on Truth Social.
"THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!,"
The president wrote, sparking speculation about the impact of these tariffs. It was not immediately apparent what Trump meant by "reciprocal" or which countries would be affected.
Trump has already announced tariffs on Canada, Mexico, and China - major trading partners of the U.S. The 25 percent tariffs on Canada and Mexico were delayed, while a 10 percent tariff on Chinese products went into effect on February 4.
This move has raised concerns among economists and business leaders about the potential impact on global trade and the economy. Many fear that these tariffs could lead to retaliatory measures from other countries, sparking a trade war.
This is a breaking news story and will be updated as more information becomes available.
