https://www.taxtmi.com/news?id=33986 President Trump's announcement of reciprocal tariffs proposes raising US import duties to match taxes charged by trading partners, though it lacks a clear definition of "reciprocal" and implementation details. The plan builds on targeted tariffs already imposed or contemplated and has prompted expectations of foreign retaliation. Economists warn the measures would function as a tax on US consumers, increasing inflationary pressure and reducing real income and growth, while the administration argues the tariffs will promote domestic manufacturing and improve negotiating leverage. en-us Thu, 13 Feb 2025 20:31:03 +0530 Thu, 13 Feb 2025 20:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=33986 President Trump's announcement of reciprocal tariffs proposes raising US import duties to match taxes charged by trading partners, though it lacks a clear definition of "reciprocal" and implementation details. The plan builds on targeted tariffs already imposed or contemplated and has prompted expectations of foreign retaliation. Economists warn the measures would function as a tax on US consumers, increasing inflationary pressure and reducing real income and growth, while the administration argues the tariffs will promote domestic manufacturing and improve negotiating leverage. News - Thu, 13 Feb 2025 20:31:03 +0530 https://www.taxtmi.com/news?id=33986