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Donald Trump has announced a broad swathe of reciprocal tariffs, targeting every country that charges duties on U.S. imports.
The president teased the announcement on Truth Social this morning, posting: “Today is the big one: reciprocal tariffs.”
In an Oval Office press conference as he signed a memorandum laying out his plan, Trump said: “We want a level playing field.”
Trump will host Indian Prime Minister Narendra Modi at the White House later today with trade between the two nations high on the agenda.
On Capitol Hill, the president’s controversial nominee to lead the Department of Health and Human Services, Robert F Kennedy Jr, has been confirmed by the Senate and will be sworn in later today.
Trump’s choice for Education Secretary, Linda McMahon, is answering questions at her confirmation hearing a day after he ranted about closing that very department.
Kash Patel’s nomination to lead the FBI has advanced out of committee and will soon face a vote in the full Senate.
In other news, Trump and his billionaire ally Elon Musk have begun initiating the mass layoff of federal employees. Musk says he wants to “delete entire agencies” to reduce bureaucracy.
Trump sees massive drop in young people support after riding them to an election win
Just 39 percent of adults under 30-years-old who responded to the latest Economist/YouGov poll reported a favorable opinion of Trump. That number stood at 50 percent just two weeks ago. Adults in the 30- to 44-years-old bracket who view him favorably also dropped from 45 percent to 42 percent.
Katie Hawkinson looks at the numbers.
Oliver O’Connell13 February 2025 19:44
Trump would love Russia to return to G7
U.S. President Donald Trump on Thursday said he would love to have Russia return to the Group of Seven nations, telling reporters at the White House it was a mistake for them to be expelled.Russia had been a member of the G7 club of industrialized democracies, then known as the G8, until Moscow was excluded following its annexation of Ukraine’s Crimea region in 2014.
Reuters13 February 2025 19:41
ANALYSIS: Does Trump really have the power to get rid of the penny – and should he?
Since the lowly penny in 2024 cost about 3.7 cents to make – meaning the government loses money on every coin – the announcement might seem practical at first glance.
But does the president have the power to kill off the penny?
Jay L. Zagorsky takes a look.
Oliver O’Connell13 February 2025 19:31
Trump admits prices could up in the short-term because of tariff plan
In remarks to reporters, Donald Trump noted that India, which has a long history of protectionism, has more tariffs than nearly any other country. He will meet with Prime Minister Narendra Modi in just a couple of hours.
Asked if American consumers can expect high prices, the president said, “Not necessarily.”
He added that Americans can expect jobs to go up and prices could go up somewhat in the short term.
The president also claimed that interest rates are going to be going down.
Trump also reiterated his opposition to the EU’s 20 percent VAT on goods, saying it hurts U.S. companies, including big names such as Apple.
The president also said he expects many countries’ tariffs to remain the same and added that we should not expect any exemptions or waivers.
With reporting from Reuters
Oliver O’Connell13 February 2025 19:22
Tariffs could be imposed within weeks
A White House official said the Trump administration could begin imposing some of the reciprocal tariffs within weeks. Earlier reporting by CNBC suggested an April 1 start date.
The most egregious cases in which U.S. goods are taxed by trading partners will be examined first, as well as those countries with the biggest trade surpluses with the U.S.
The Trump memorandum says that the annual trade deficit threatens U.S. economic and national security.
The president says he will no longer tolerate the European Union’s value-added tax, which he says nearly triples the tariff rate on U.S. exports.
A White House official says they are hoping to have discussions with other countries about lowering tariffs on each other.
The tariffs memo says that a lack of reciprocity is one source of the large and persistent U.S. trade deficit.
With reporting from Reuters
Oliver O’Connell13 February 2025 19:13
Oliver O’Connell13 February 2025 19:06
Trump signs memorandum introducing reciprocal tariff plan
Donald Trump confirms he has decided to charge reciprocal tariffs on trading partners who charge tariffs on U.S. goods.
The president says he will also consider countries that use a value-added tax system as tariffs. He says sending merchandise through another country to avoid paying will not be permitted.
Provisions will be made for non-monetary tariffs, such as tests on cars and limitations on trade.
Commerce Secretary Howard Lutnick will come up with a number equivalent to those limitations and other non-tariff barriers.
Trump says it is up to other countries whether they reduce their own tariffs or eliminate them, adding that the European Union lowered its tariff rate to 2.5 percent, calling it a “big win.”
The president said this will bring fairness back, adding: “We want a level playing field.”
He adds that this will be in addition to steel tariffs and those on cars and pharmaceuticals — tariffs on cars will be coming soon.
The president then signed the memorandum introducing the tariffs plan.
With reporting from Reuters
Oliver O’Connell13 February 2025 19:03
CFPB sets up X tipline for companies to report on agency’s employees who violate stoppage
The Consumer Finance Protection Bureau has set up an X account for companies to report CFPB employees who violate the agency’s work stoppage order.
Among the first followers of the account is OMB director Russ Vought, who confirmed the observation of Brendan Pedersen of Punchbowl News.
The account’s bio reads: “Are you being pursued by CFPB enforcement or supervision staff, in violation of Acting Director Russ Vought’s stand down order? If so, DM us or send an email.”
Graig Graziosi explains why the CFPB is so important to American consumers:
Read More: Trump tariffs live updates: Reciprocal trade order signed at press conference
