Trump says he will announce reciprocal tariffs next week

Jennifer A. Dlouhy and Jenny Leonard, Bloomberg News on Feb 7, 2025

By clicking submit, I authorize Arcamax and its affiliates to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Privacy Policy , (2) add to information that I provide with other information like interests inferred from web page views, or data lawfully obtained from data brokers, such as past purchase or location data, or publicly available data, (3) contact me or enable others to contact me by email or other means with offers for different types of goods and services, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

President Donald Trump said he plans to unveil reciprocal tariffs next week in a major escalation of his trade war with U.S. economic partners.

Trump made the announcement during a meeting with visiting Japanese Prime Minister Shigeru Ishiba on Friday and said the action would affect “everyone,” without specifying exactly what measures he plans to take.

“I’ll be announcing that next week — on reciprocal trade — so that we’re treated evenly with other countries. We don’t want any more or any less,” Trump told reporters in the Oval Office, adding that he planned to hold a press conference on the matter.

Trump also said that tariffs targeting automobiles, in particular, were under consideration.

“That’s always on the table, it’s a very big deal,” he said. “We have to equalize it.”

The push for reciprocal tariffs has long been a pursuit of the president and some of his top advisers.

Trump promised during his presidential campaign to advance legislation empowering him to hit any country that charges a duty on a U.S.-made good with “the same exact tariff.” He’s taken particular aim at the European Union’s value-added tax, a minimum standard rate of 15% that can go considerably higher for some countries, telling reporters on Monday that the levy went “through the roof.”

Trump and his advisers have also previously suggested the U.S. could use tariffs to combat non-tariff trade barriers imposed by other countries. The U.S. president has argued that he is pursuing a “fair deal” for U.S. consumers.

But the push on reciprocal tariffs comes as the U.S. president has also suggested plans to implement a global tariff, target the European Union specifically, and impose sectoral sanctions on steel, pharmaceuticals, oil and other key sectors.

Aides say the threats give him negotiation leverage with other countries on issues including illegal immigration and fentanyl smuggling, as well as trade deficits.

Earlier this month, Trump announced but then delayed 25% levies on Canada and Mexico after the countries made only modest pledges address his concerns over border security, leading some to question his willingness to follow through on his threats.

The president did hit China with 10% levies, though suspended planned tariffs on low-cost goods mailed directly to consumers as his administration works to figure out how to implement the changes.

-------

With assistance from Alicia Diaz and Billy House.