President Donald Trump's plan for "reciprocal tariffs" on US trading partners are set to spark a flurry of negotiations that could bring reductions in levies -- but analysts warn that it also risks painful retaliation. "This is every country, and essentially, when they treat us fairly, we treat them fairly," Trump told reporters.
What are the details of his plan and what consequences could they bring? What are reciprocal tariffs? Tariffs are taxes imposed on goods imported from another country.
As for reciprocal tariffs -- during election campaigning, Trump promised: "An eye for an eye, a tariff for a tariff, same exact amount." "It doesn't matter whether it's strategic competitors like Communist China or allies like the European Union or Japan or Korea," a White House official told reporters Thursday. "Every one of those countries is taking advantage of us in different ways, and the president characterises this as a lack of reciprocal trade," the official added, speaking on condition of anonymity.
Reciprocal tariffs could mean hiking rates on imports to match the level that other countries apply to US products, and officials said the levies will be imposed country by country.
