US President Donald Trump has tasked his economics team with devising plans for reciprocal tariffs on every country taxing US imports, ramping up prospects for a global trade war.
“On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them. No more, no less,” Mr Trump told reporters in the Oval Office.
Mr Trump signed a memo ordering his team to start calculating duties to match those other countries charges and to counteract non-tariff barriers such as vehicle safety rules that exclude US autos and value-added taxes that increase their…