Trump to Announce Tariffs

WASHINGTON (Reuters) – U.S. President Donald Trump on Monday said he would announce plans to impose reciprocal tariffs on other countries within the next two days, reinforcing comments made on Sunday.

The Republican president spoke to reporters in the Oval Office while signing two proclamations that end all exclusions on steel and aluminum tariffs imposed during his first term, raising the duties on both metals to 25%. Trump mentioned that he is also considering tariffs on cars, semiconductor chips, and pharmaceuticals.

A U.S. official noted that the exclusion process initiated under Trump spiraled out of control under former President Joe Biden, leading to the approval of hundreds of thousands of specific product exclusions.

When asked about potential retaliation from other countries in response to U.S. tariffs, Trump stated, “I don’t mind.”

In an interview with Fox News, Trump expressed that other countries have been imposing duties on imports from the U.S. for years. “It’s not fair that other countries have taken advantage of us for so many years, and now all of a sudden, we’re not allowed to have tariffs,” he said.

Trump informed Fox News that he would reveal a “very sophisticated plan” for reciprocal tariffs, likely on Monday or Tuesday.