Trump says US set to announce reciprocal tariffs

It was not immediately clear what time Trump's tariff plan would be unveiled. 

On Wednesday, Trump indicated it could happen on Thursday morning. 

The White House had earlier told reporters it would happen before Indian Prime Minister Narendra Modi's White House visit. 

Modi is scheduled to arrive at 4pm in Washington DC on Thursday.

The Republican president's latest round of market-rattling tariffs has ratcheted up fears of a widening global trade war and threatened to accelerate US inflation.

Trump, who took office on January 20, has already announced tariffs on all steel and aluminium imports beginning on March 12, imposed 10 per cent tariffs on goods from China, and imposed a 30-day hold on tariffs on goods from neighbouring Canada and Mexico.

Trump has not specified how he defines the term "reciprocal" and whether his order would apply only to matching tariffs or to including other foreign taxes that he views as a barrier to exporting US-made goods.

with AP