US President Donald Trump reads about steel and aluminum tariffs on February 10, 2025, as Howard Lutnick stands in the background in the oval office of the White House in Washington.
Kevin Lamarck | Reuters
President Donald Trump set up an oval office press conference on his plan to impose mutual tariffs on other countries at 1pm Thursday.
Trump’s all-cap post has released the true social that is pressing.
In another post before Thursday, Trump hyped up the upcoming tariffs, writing, “Today is a big thing: mutual tariffs!!!”
The tariffs Trump is about to announce Thursday will not go into effect until months later, White House officials told CNBC before a press conference.
The new tariffs follow Trump’s obligations already slap him with China, Canada, Mexico and even steel and aluminum imports. Trump tariffs in Canada and Mexico are currently suspended after both countries pledged to crack down on illegal intersections and drug trafficking at their respective borders
Trump said on Sunday he plans to slap mutual tariffs on “all countries” that impose import obligations on the US
“If they charge us, we charge them,” he said in Air Force 1, NBC News reported.
As a presidential candidate, Trump has raised the possibility of imposing full tariffs on all US imports. However, he also advocated that Congress would pass what is called the “Trump Mutual Trade Act.”
Since taking office, Trump has signaled his plan to impose tariffs on the European Union. He highlighted the US trade deficit with European partners and complained that EU countries have not purchased sufficient American cars and agricultural equipment.
EU leaders have vowed to retaliate against new US tariffs, but have warned that Trump’s actions risk a widespread trade war that will ultimately hurt everyone.
New mutual tariffs were expected to come before Indian Prime Minister Narendra Modi visited Trump at the White House on Thursday afternoon.
– CNBC’s Eamon Javers contributed to this report.
