Donald Trump is readying tit-for-tat tariffs on global partners

US 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 countriesldquoItrsquos time to be reciprocalrdquo Trump told reporters earlier this week ldquoYoursquoll be hearing that word a lot Reciprocal If they charge us we charge themrdquoA 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 41 trillion last year The tariffs could set off retaliatory measures by trading partners that could roil growth around the globe and reset where the US stands with allies and rivals alikeMany of Americarsquos dominant trading partners are preparing for an economic rupture in reaction to Trumprsquos possible actionsIn response to the steel and aluminum tariffs announced on Monday European Union chief Ursula von der Leyen said ldquoUnjustified tariffs on the EU will not go unanswered they will trigger firm and proportionate countermeasuresrdquo That means motorcycles jeans bourbon and peanut butter from the US could face new taxes abroad Mexico and CanadamdashAmericarsquos two largest trading partnersmdashhave also prepared countermeasuresldquoOf course even if President Trump views reciprocal tariffs as an alternative to more sweeping measures at the moment we are entering only the fourth week of a fouryear presidential term and it seems likely there will be many further tariff announcementsrdquo a Goldman Sachsrsquo analyst saidShutting down of USAIDThe Trump administration will present an unforgiving argument for dismantling the US Agency for International Development USAID to a federal judge on Wednesday The USAID is rife with ldquoinsubordinationrdquo and must be shut down for the administration to decide what pieces of it to salvage was the argument made in an affidavit by political appointee and deputy USAID administrator Pete Marocco The lawsuit was filed by two groups representing federal employeesUSAID staffers deny insubordination and call the accusation a pretext to break up the more than 60yearold agencymdashone of the worldrsquos biggest donors of humanitarian and development assistanceMusk defends actionsTrumprsquos most powerful adviser Elon Musk made a rare public appearance at the White House on Tuesday to defend the swift and extensive cuts hersquos pushing across the federal government while acknowledging there have been mistakes and will be moreMusk stood next to the Resolute Desk with his young son lsquoX AElig AXiirsquo as Trump praised Muskrsquos work with his Department of Government Efficiency DOGE to slash spending and as the president signed an executive order to continue downsising the federal workforceThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever