President Trump on Friday said he’ll lay out reciprocal tariffs on several countries next week as he seeks to escalate his trade war.

Speaking at a joint press conference with Japanese Prime Minister Shigeru Ishiba, Mr. Trump said the announcement could come Monday or Tuesday. He didn’t say which countries would be hit with tariffs but hinted that the move could be part of a major initiative to help close the U.S. budget gap.

Reciprocal tariffs are levied against countries’ imports in response to their taxing of U.S. goods.

Mr. Trump said reciprocal tariffs are the “only fair way” to do it rather than charging a “flat fee tariff.”

“Nobody’s hurt. They charge us, we charge them. It’s the same thing,” he said.

The move would fulfill Mr. Trump’s campaign pledge to impose tariffs on American imports equal to rates that trading partners impose on U.S. exports.

Earlier Friday, Mr. Trump said auto tariffs remain on the table despite reports that he was considering exempting the auto industry. The president also confirmed a Reuters report saying he discussed the idea of reciprocal tariffs with Republican lawmakers during a White House meeting Thursday.

A separate 10% tariff against Chinese imports went into effect, and China responded with tariffs of its own.

• Jeff Mordock can be reached at jmordock@washingtontimes.com.