Trump says he will announce reciprocal tariffs on many countries next week

U.S. president did not identify which trade partners might be hit

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President Donald Trump hopes to help solve U.S. budgetary woes with higher tariffs. © Reuters

WASHINGTON (Reuters) -- 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.S. budget problems.

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