President Donald Trump said on Friday that he plans to announce reciprocal tariffs on many countries next week, adding the additional levies could help shrink the nation's budget deficit, APA reports citing Reuters.
The move would fulfill a Trump campaign promise to impose tariffs on American imports equal to the rates that trading partners impose on American exports. It was not immediately clear which countries would be affected.
Trump told Republican lawmakers of his plans during budget discussions at the White House on Thursday, three sources familiar with the plan told Reuters. Trump and top aides have said they plan to use higher tariffs on foreign imports to help pay for extending Trump's 2017 tax cuts, which independent budget analysts say could add trillions of dollars to the U.S. debt.
Increased tariffs could offset some of that cost, though they have only accounted for about 2% of annual revenues in recent years.
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