President Donald Trump has informed Republican lawmakers on Friday of his intention to announce reciprocal tariffs, fulfilling a campaign promise to impose tariffs on American imports equal to the rates trading partners impose on American exports.
The move, Truth Live News reports, is designed to help pay for extending the 2017 tax cuts by using higher tariffs on foreign imports.
Details of the proposal, including which countries will be affected, have not been disclosed, Truth Live News can confirm.
Trump discussed his plans with lawmakers during budget discussions at the White House on Thursday.
This development comes after Trump announced tariffs of 25% on Canada and Mexico, which were delayed due to negative reactions from investors.
As at the time of filing this report, the White House has yet to comment on the new development.
However, the announcement has already impacted Wall Street, with markets extending losses on Friday following the news.