The trade war is facing a major escalation. Trump will announce reciprocal tariffs next week

U.S. President Donald Trump has said he plans to unveil reciprocal tariffs next week. The move marks another major escalation in the trade war between the United States and its economic partners.

Trump, who made the announcement during a meeting with visiting Japanese Prime Minister Shigeru Ishiba on Friday, said the move would affect "everybody" but gave no details of the proposed measures.

Trump told reporters in the Oval Office, "I will be announcing measures next week on reciprocal trade so that we are treated equally." He added that a press conference is planned on the matter and a meeting will be held either next Monday (10th) or next Tuesday (11th).

At a press conference at the White House later, Trump suggested that reciprocal tariffs could replace the 10 to 20 percent universal tariff plan.

"I think it's the only fair way," Trump said. So no one gets hurt. They charge us. We charge them, too. It's all the same. I would consider going that route instead of applying one tax rate all the time."

Trump has said he is considering introducing tariffs that specifically target cars.

Bloomberg quoted Trump as saying, "It's always been a problem, a big problem. We must achieve equality."

The push for reciprocal tariffs has long been a pursuit of Trump and some of his top advisers. During the campaign, he said he would move forward with legislation authorizing him to hit any country with "fully reciprocal tariffs" that tax U.S.-made goods. He is particularly upset about the European Union's value-added tax, which Trump told reporters on Monday was "ridiculously high."

Trump and his advisers have previously suggested that the United States could use tariffs to crack down on non-tariff trade barriers imposed by other countries. He said he would seek a "fair deal" for American consumers.

Amid the push for reciprocal tariffs, Trump has also floated plans to impose global tariffs, targeting the European Union in particular, and plans to impose sectoral sanctions on steel, pharmaceuticals, oil and other key industries.