President Donald Trump said on Friday he plans to announce reciprocal tariffs on many countries next week, a major escalation of his trade war. Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve U.

President Donald Trump told Republican lawmakers that he plans to announce reciprocal tariffs as early as Friday, three sources familiar with the plans told Reuters. The move would fulfill a Trump campaign promise to impose tariffs on American imports equal to the rates that trading partners impose on American exports.