Washington: U.S. President Donald Trump declared on Friday his intention to unveil "reciprocal" tariffs in the coming week, aiming to impose duties on U.S. imports that align with the tariff rates other nations apply to U.S. exports. This announcement was made during a summit at the White House with Japanese Prime Minister Shigeru Ishiba. However, details regarding which countries will face these new tariffs remain undisclosed.

According to Yonhap News Agency, Trump has frequently utilized tariffs as a strategic tool to address trade imbalances and pursue various policy objectives, including curbing illegal immigration and drug smuggling, particularly fentanyl, into the United States. During the summit, Trump emphasized the need for equitable trade practices, stating, "I will be announcing that next week ... reciprocal trade so that we are treated evenly with other countries. We don't want any more or any less."

Furthermore, Trump hinted at the possibility of implementing auto tariffs, describing it as "always on the table." He highlighted the significant nature of the issue, mentioning instances where the U.S. does not supply autos while other countries do. "We have to stabilize it and equalize it," he remarked.

In a recent move, Trump imposed an additional 10-percent tariff on all Chinese imports, effective from Tuesday. Meanwhile, he has temporarily halted tariffs on Canada and Mexico for a month, following their commitment to intensify efforts to combat drug trafficking across their borders with the U.S.

Ahead of the summit, a senior official from the Trump administration noted the president's keen focus on trade deficits, which he views as a measure of economic fairness and a reflection of the strength of the U.S.'s relationships with its trading partners.