President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The reciprocal' tariffs that he announced Thursday are likely to create chaos for global businesses and conflict with America's allies and adversaries alike. Since the 1960s, tariffs or import taxes have emerged from negotiations between dozens of countries. Trump wants to seize the process. Obviously, it disrupts the way that things have been done for a very long time,' said Richard Mojica, a trade attorney at Miller & Chevalier. Trump is throwing that out the window ... Clearly this is ripping up trade. There are going to have to be adjustments all over the place.' Pointing to America's massive and persistent trade deficits not since 1975 has the U.S. sold the rest of the world more than it's bought -- Trump charges that the playing field is tilted against US companies. A big reason for that, he and his advisers say, is because other countries usually tax American exports at .
Trump begins US presidency with 'America First Trade Policy': A slew of executive orders and announcements on Day 1 turn policymakers, investors cautious
Donald Trump on Wednesday trounced Kamala Harris to win the US presidency again. Here's what this means for India when it comes to defence and security, trade and foreign policy
The US administration's trade agenda is driven by the discredited mercantilist idea that selling stuff (exports) is good and buying stuff (imports) is bad
Senate Republicans have warned that tariffs could dampen the economic gains from the GOP tax cuts and sour the mood among voters