The White House says President Trump's trade policy will come to a head on April 2, when the administration unveils a plan for reciprocal tariffs. Why it matters: The new tariff regime will take aim at trading partners that officials believe treat domestic exporters unfairly.

It comes as the president recently announced a 25% tariff on imported vehicles and some auto parts among other tariffs.

Canadian Prime Minister Mark Carney told President Donald Trump Wednesday that his nation will retaliate against the United States with tariffs of its own if Trump presses forward with his promised levies – potentially escalating what is already developing into an ugly and damaging trade war.