Trump readies matching tariffs on trade partners, possibly setting up a major economic showdown

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Trump readies matching tariffs on trade partners, possibly setting up a major economic showdown - Business Mirror

Quick Summary:

WASHINGTON—President Donald Trump is taking additional action to upset the world trade system, with plans to sign an order as soon as Wednesday that would require that US tariffs on imports match the tax rates charged by other countries.

A reciprocal tariffs order could amount to a substantial tax hike to be shouldered largely by US consumers and businesses as the Census Bureau reported that the country had total imports of $4.1 trillion last year.

Trump put 10 percent tariffs on China over its contributions to the production of the illicit drug fentanyl, and China has taken retaliatory measures.