Trump launches ‘reciprocal tariffs’ for allies, rivals

US President Donald Trump announced plans Thursday for sweeping “reciprocal tariffs” hitting both allies and competitors, in a dramatic escalation of an international trade war that economists warn could fuel inflation at home. Speaking in the Oval Office, Trump said he had decided to impose the reciprocal duties, telling reporters that US allies were often “worse than our enemies” on trade issues. The levies would be tailored to each US trading partner and consider factors including value added tax (VAT). Trump has announced a broad range of tariffs targeting some of the biggest US trading partners since taking office, arguing that they would help tackle unfair practices — and in some cases using the threats to influence policy.