President Donald Trump on Friday reinstated a tariff loophole for small-value packages from China that was eliminated as part of the sweeping tariffs Chinese imports that went into effect after midnight on Tuesday, and said he would announce a new slate of “reciprocal tariffs” next week.

President Donald Trump said on Friday he plans to announce reciprocal tariffs on many countries next week, a major escalation of his trade war. Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve U.

President Donald Trump plans to unveil reciprocal tariffs next week, affecting "everyone", to ensure the US is treated evenly with other countries. He spoke at the White House. (Source: Bloomberg)