'Today is the big one: Reciprocal Tariffs,' says Donald Trump

'Today is the big one: Reciprocal Tariffs,' says Donald Trump

US President Donald Trump said he plans to unveil reciprocal tariffs on February 13 but gave no details about his latest tariff plan, which could take aim at every country that charges duties on US imports.

"Three great weeks, perhaps the best ever, but today is the big one: Reciprocal Tariffs!!! Make America Great Again!!!" posted President Trump on his Truth Social account.

The cryptic social media post comes hours ahead of his scheduled meeting with Prime Minister Narendra Modi, who is scheduled to arrive at 4 pm local time (1900 GMT).

His post comes amid his plans to implement reciprocal tariffs, a policy that would match US import duties with the tax rates imposed by other countries.

The Trump administration has complained that India has high tariffs that lock out US imports.

Euro zone bond yields fell on Thursday after US President Donald Trump said he plans to unveil reciprocal tariffs later in the day.

Germany's 10-year bond yield, the euro zone's benchmark, extended an earlier fall and was last down 5 basis point (bps) at 2.433%. Yields move inversely to prices.

Economists and analysts have said higher tariffs would slow the European economy, given its large trade surplus with the United States, potentially adding to the case for further rate cuts from the European Central Bank.

The US President's latest round of market-rattling tariffs has ratcheted up fears of a widening global trade war and threatened to accelerate US inflation.

The European Union, Canada and Mexico have countermeasures ready to inflict economic pain on the United States in response to Trump's actions, while China has already taken retaliatory steps with its own tariffs on US energy, agricultural machinery and large-engine autos as well as an antitrust investigation of Google.

Trump has not specified how he defines the term “reciprocal” and whether his order would apply only to matching tariffs or to including other foreign taxes that he views as a barrier to exporting American goods.

Trump, who took office January 20, has already announced tariffs on all steel and aluminum imports beginning on March 12, imposed 10% tariffs on goods from China, and imposed a 30-day hold on tariffs on goods from neighboring Canada and Mexico.

Modi reached Washington DC on Wednesday night. Modi will meet with billionaire businessman Elon Musk at the White House before the former's bilateral talks with Trump, said news reports.