President Donald Trump said Thursday that he’ll sign an order that increases U.S. tariffs to the rates other countries charge on imports. “TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!” Trump posted on his social media site,

Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war and threatening to add to already-sticky U.

President Trump plans to sign an order to require that US tariffs on imports match the tax rates charged by other countries.

The move intends to move more production south of the border but could increase vehicle prices or severely slow the industry altogether

U.S. President Donald Trump says trade wars are easy to win. If so, his 25% tariffs on steel and aluminium imports ought to have big overseas producers like Rio Tinto , begging for mercy. Yet shareholders in the $107 billion miner and rivals like BHP have already shrugged off concerns.

Ford CEO Jim Farley said at an analyst conference that while President Trump wants to help automakers, his Canada and Mexico tariffs could "blow a hole" in the U.S. auto industry.