The president tasked top Cabinet officials to study the matter further before deciding on specifics, a process the White House said could take weeks or months.

U.S. President Donald Trump said he plans to unveil reciprocal tariffs on Thursday but gave no other details. "Today is the big one: reciprocal tariffs," Trump wrote on his social media platform. Copyright 2025 Thomson Reuters.

Concerns are growing the UK could be hit with higher US trade taxes after President Donald Trump announced he would target VAT in his latest move. Trump has instructed his staff to develop custom "reciprocal tariffs" - charging the same amount as levies imposed on American exports - for each country.

In the oval office today, President Trump instructed his administration to investigate if other countries are employing unfair trade practices against the U.S. and how reciprocal tariffs could create a level playing field.

President Donald Trump on Thursday moved to tear up decades-old low U.S. tariff rates, raising them to match those of other countries and counteract other barriers to American goods to try to shrink a U.