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This is CNN Breaking News. Welcome to The Lead, and I am Jake Tapper.

Our breaking news just moments ago, President Trump,

officially announcing widespread what he calls reciprocal tariffs,

at least 10%, on practically all goods coming into the United States,

plus higher rates on dozens of countries that have the highest trade deficits with the United States.

We will charge them approximately half of what they are and have been charging us.

So the tariffs will be not a full reciprocal. I could have done that, I guess,

but it would have been tough for a lot of countries. We didn't want to do that. Mr. that, I guess, but it would have been tough for a lot of countries we didn't want to do that.

Mr. Trump busted out a giant chart, as is his want, to show the specific details. And as Mr. Trump's

global trade war escalates, so do the odds of a recession, according to economists at Goldman Sachs.

Trump's move to overhaul, the world economy

could end up impacting every American in the short term

and the long term, raising prices in the short term

at a time when budgets are already stretched thin

from years of inflation.

President Trump says that the tariffs in the long run

will create more jobs in the United States and revive certain manufacturing sectors and even

...