Recent statements by President Trump suggest that next week could bring multiple and significant tariff announcements. Today, in a meeting with visiting Japanese Prime Minister Shigeru Ishiba, the President promised to announce new “reciprocal tariffs,” stating: “I’ll be announcing that, next week, reciprocal trade, so that we’re treated evenly with other countries. We don’t want any more, any less.” Reciprocal tariffs would increase tariffs on U.S. imports of certain goods, based on the higher tariff rates charged by those countries to import the same goods of U.S. origin.
This announcement follows promises last week that the President will impose additional tariffs on oil and gas imports, potentially as soon as February 18, and that he plans to add tariffs on imported semiconductor technology and pharmaceuticals at some point thereafter. He has not confirmed which countries’ oil and gas would be targeted.
Moreover, the President has been threatening across-the-board tariffs on imports from the EU. He told the BBC this week: “I wouldn’t say there’s a timeline, but it’s going to be pretty soon.” At the same time, the President said he thought he could reach an agreement with the UK to avoid targeting its goods with tariffs. The EU countries have voiced opposition to the tariffs and stated they will “respond firmly” if the President follows through on these threats.