‘Today is the big one’: Donald Trump says reciprocal tariffs coming on Thursday

US President Donald Trump took to social media to announce that he plans to unveil reciprocal tariffs on Thursday. The president, however, did not share any further details about his latest tariff plan which could take aim at every country that charges duties on US imports.

“Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!,” Trump wrote on his social media platform TRUTH.

It was not immediately clear what time Trump's tariff plan would be unveiled. Earlier, on Wednesday, Trump indicated it could happen on Thursday morning.

According to Reuters, the White House had said that the reciprocal tariffs would happen before Prime Minister Narendra Modi's White House visit.

Donald Trump announced his tariff plan on the day when he was hosting Prime Minister Narendra Modi. The Indian prime minister is scheduled to meet Donald Trump at the White House in the wee hours of Thursday, February 13.

PM Modi has already taken steps to appease Trump, Bloomberg reported. In the last few weeks, India slashed tariffs on items from motorcycles to luxury cars, agreed to take planeloads of undocumented migrants and pushed to ramp up purchases of US energy.

US trading partners upset

The Republican president has openly antagonised multiple US trading partners over the past several weeks, issuing tariff threats and inviting them to retaliate with import taxes of their own that could send the economy hurtling into a trade war

Trump earlier announced tariffs on China, Canada and Mexico, but paused the latter two for a month after the countries made border security pledges. He 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, who took office on January 20, also announced tariffs on all steel and aluminium imports beginning on March 12.

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

(With inputs from agencies)