(WASHINGTON D.C.) — President Donald Trump this week is set to unveil his reciprocal tariffs on U.S. trading partners. Trump says Wednesday is the “big one” for his next move on trade policy, but it’s unclear how broad the new reciprocal duties will be, based on recent messaging from the administration. The tariffs are supposed to vary depending on the size of the barriers the target country imposes on U.S. exports.
Treasury Secretary Scott Bessent suggested earlier this month that the initial tranche of reciprocal duties could focus on just 15 trade partners with which the U.S. has persistent trade deficits. But Trump told reporters last week that this week’s tariff announcement would, in fact, cover every country. New, secondary tariffs on countries buying oil and gas from Venezuela could also be on the table, according to a Trump Truth Social post last week. Whatever comes, some trade partners are already signaling they’re ready to respond.
In other news on Capitol Hill, Politico reports that Senate GOP leaders will move as soon as Wednesday to begin advancing a budget plan — the next key step to unlock President Donald Trump’s massive agenda through a party-line bill.
