(NewsNation) — President Donald Trump is planning to announce new tariffs Thursday, according to a post on Truth Social.
The president did not specify what he meant by reciprocal tariffs. He has already made tariffs a major element of his economic policy despite warnings from economists that tariffs will increase inflation and harm American consumers.
Trump has already levied a 10% tariff on China and put a 25% tariff on aluminum and steel, with some exemptions for trading partners. China, in response, put tariffs on an array of American goods, with impacts disproportionately targeted toward areas that voted for Trump in the election.
He also proposed 25% tariffs on goods from Canada and Mexico but paused both tariffs after the countries agreed to take action toward controlling the borders. The pause is set to end in March, raising the possibility the tariffs will go into effect then.
Canada has already threatened to take action in response to tariffs, with sellers previously pulling American alcohol from shelves and catalogs in response to the initial announcement.
While Trump has described tariffs as a tax on foreign companies, the tariffs are paid by the importing company and economists say the cost is usually passed on to the consumer.
The move is likely to raise the price of goods when Americans are already struggling. Trump has admitted there will be economic pain associated with the policies.
Already inflation, which had been trending downward, has increased since Trump took office.