'Reciprocal' tariffs on every country to be announced next week, Trump says

President Donald Trump on Friday said he would be announcing tariffs next week that match the duties imposed by other countries, in an apparent shift from his previous threat to impose an across-the-board tariff on all imports from across the world.

“I’ll be announcing that next week, reciprocal trade, so that we’re treated evenly with other countries,” he told reporters at a press briefing with Japanese Prime Minister Shigeru Ishiba. “We don't want any more, any less.”

Trump, who said the tariffs would apply to every country, added that the announcement would likely come “Monday or Tuesday.”

"I think that's the only fair way to do it that way nobody's hurt," the president continued. "They charge us, we charge them. It's the same thing, and I seem to be going in that line as opposed to a flat fee tariff.

The U.S. in many cases has lower tariffs than other countries for the same product, although Trump did not specify whether there would be exclusions to the new round of duties. Trump often cites higher tariffs imposed by foreign governments on cars, where the U.S. duty is only 2.5 percent.

The president had previously threatened to impose a 10 or 20 percent universal tariff.