Washington: US President Donald Trump will announce reciprocal tariffs Thursday on countries at a news conference in the Oval Office, he wrote on Truth Social. 'THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!' Trump wrote.

According to Anadolu Agency, the move follows an executive order imposing a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods. Additionally, the US levied a 25% tariff on steel and aluminum imports on Monday.

The US warned that retaliatory measures could lead to further tariff increases. While Brazil has refrained from retaliation, Canada swiftly announced a 25% levy on US imports. Tariffs on Canada and Mexico were paused for 30 days, beginning Feb. 4.

The tariffs fulfill a campaign promise to protect US industries, though they risk escalating trade tensions globally.