President Trump Announces Plan for Reciprocal Tariffs on Foreign Imports

President Donald Trump is preparing to unveil his strategy for reciprocal tariffs on foreign imports, as announced on Truth Social. This follows the recent introduction of a 25% global tariff on steel and aluminum imports. Trump's imminent announcement on reciprocal tariffs involves the U.S. imposing similar taxes on imports from other countries as those imposed on U.S. goods. The President of the European Commission expressed disappointment over the U.S. decision to impose tariffs on European steel and aluminum exports, cautioning of strong retaliatory measures. Trump's directive for 25% tariffs on steel and aluminum imports from all nations has led to a surge in the stock prices of companies like U.S. Steel and Alcoa. The European Commission criticized the tariffs, stating they would disrupt transatlantic production chains and increase costs for businesses. Australian Prime Minister Anthony Albanese requested a special exemption from the tariffs, citing potential harm to U.S. workers and the strong U.S.-Australian relationship.