President Trump's trade advisors reportedly finalizing plans today for reciprocal tariffs that Trump said he would impose on any country that charges duties on U.S. imports.

Let's get the latest from Peter Navarra, White House Senior Counselor for Trade and Manufacturing.

Joined us live from Washington. Peter, it's great to see you. Welcome.

Great to be back. I'm just wondering, is Kramer like going to spend like a week

in the big easy celebrating the Eagles I mean what the deal probably come on yeah it's he gets a

vacation he can get one vacation but he is probably in celebration it's also his birthday week

Peter what can you tell us about what can you tell us about the reciprocal tariffs? Where are you on that?

I can tell you why the president might act.

I can't tell you when.

That's not my job to break that kind of news here.

But the reciprocal issue really goes back to the first term.

The president had the reciprocal trade act up in front of Congress.

He's been talking about how governments and nations around the world, like stick it to this country.

The central idea here is that you have the U.S. with the lowest tariffs in the world

and, importantly, the lowest non-tariff barriers, what the president likes to call non-monetary

barriers. And that's not fair. And the notion here is that if in the first term was that if they won't lower their tariffs to ours and their non-terror barriers, we're going to raise ours to theirs or vice versa. It's the most common sense thing in the world. And if you just go around the world, you have India. India, the Maharaja terrorists. they have some of the highest tariffs in the world.

The EU particularly has a VAT tax, a value added tax, and it's not well understood that

that acts, it's like a two punch. When they're sending us stuff, it acts as an export subsidy.

When we're sending them our stuff, it acts as a tariff.

And the net result is we don't sell any cars there.

And then, of course, you've got the problems with all the other countries around the world.

So reciprocity, President Trump has embraced that going back to the first term is his philosophy.

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