FULL: Trump holds news conference after signing order on reciprocal tariffs | LiveNOW from FOX

President Donald Trump released a plan to increase U.S. tariffs to match the tax rates that other countries charge on imports on Thursday afternoon.

"I’ve decided for purposes of fairness that I will charge a reciprocal tariff," Trump said.

Trump has said that such tariffs will help to create domestic factory jobs, but most economists tell the AP there would effectively be a tax increase on U.S. consumers that would add to inflationary pressures.

The Trump administration contends that charging the same import taxes as other countries do would improve the fairness of trade, possibly raising revenues for the U.S. government while also creating negotiations that may improve trade.

The president has already put an additional 10% tariff on Chinese imports due to that country's role in the production of the opioid fentanyl. Meanwhile, tariffs on Canada and Mexico could take effect in March after being suspended for 30 days.

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