President Donald Trump is expected to announce a new round of sweeping reciprocal tariffs on Thursday, matching higher rates other nations charge to import American goods.

Trump also says he is using tariffs to "combat the scourge of fentanyl", a powerful drug that causes tens of thousands of overdose deaths in the US each year. His administration says chemicals used to make the drug come from China, while Mexican gangs supply it illegally and have fentanyl labs in Canada.

"Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!" Trump wrote in a post on his Truth Social platform.