US President Donald Trump speaks to members of the press while returning to Washington, DC on Air Force One on March 30, 2025, in Fredericksburg, Virginia.
Brendan Smialowski | Afp | Getty Images
President Donald Trump said that his “reciprocal tariffs” plan will target all other countries when they are unveiled Wednesday, injecting more uncertainty into the much-hyped trade policy just days before its rollout.
“You’d start with all countries,” Trump told reporters on Air Force One late Sunday. “So let’s see what happens. There are many countries.”
There is “not a cut off,” he added.
Trump explicitly pushed back on the possibility that the new tariffs would only target the top 10 or 15 trading partners that have their own import duties on U.S. goods.
“Who told you 10 or 15 countries?” Trump asked a reporter. “You didn’t hear it from me.”
The potential economic impact of another round of sweeping tariffs, coupled with the lack of advance clarity about them, has caused turmoil in the stock market. All three major indexes fell sharply when markets opened Monday morning, though the Dow Jones and S&P 500 turned positive in afternoon trading.
Multiple Trump administration officials have suggested that reciprocal tariffs would be focused on a handful of countries that have large trade imbalances with the U.S.
Treasury Secretary Scott Bessent singled out the “Dirty 15” in a recent Fox Business interview, while National Economic Council director Kevin Hassett has said that 10 to 15 countries account for most of America’s trade deficit.
The uncertainty surrounding the tariffs has contributed to a spate of dour economic forecasts for growth and inflation.
Goldman Sachs warned in a client note Sunday that aggressive tariffs could raise inflation and severely slow economic growth. A group of 14 economists surveyed by CNBC, meanwhile, suggested the White House moves could create a stagflationary environment.
That is not the view at the Trump White House, however.
“It is a beautiful thing to watch!” Trump wrote Monday, describing an economic “transformation” he said is underway.
In two separate Truth Social posts, the president pointed to a series of recent investment pledges from private companies.
This is developing news. Please check back for updates.