President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

Economist Wojtek Kopczuk asked ChatGPT to calculate tariffs to balance out the U.S. trade deficit. He received a similar answer to the White House’s documentation, showing the AI used “a basic approach” that divided the trade deficit by the total trade. Entrepreneur Amy Hoy ran a similar experiment, yielding identical results from AI models.

Residents of South Jersey and the rest of the U.S. may soon pay more for coffee, clothing and more under new tariffs announced this week by Trump.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.

Britain said it believed a trade deal with the United States was close as it sought to soften the impact of U.S. President Donald Trump's sweeping tariffs which threaten an escalating global trade war that would hurt its open economy.

U.S. stocks nose-dived after Trump’s tariffs rollout. Wall Street tumbled to its worst day since the pandemic yesterday in response to President Trump’s major round of tariffs

Trump said tariffs will force other countries to lower their own rates on U.S. goods and services. But other nations are planning to retaliate.

Oil prices fell on Thursday as the decision by the OPEC+ group to speed up unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump's announcement of sweeping new import tariffs.