Trump trade war

The cost of the bacchanalia

Illustration: Rebecca Zisser/Axios

Rarely has the U.S. and global economy been under such self-inflicted pressure, weighed down by a frenzy of deficit spending, attacks on trading partners, and a broadside to the fundamental system of business.

Why it matters: So far at least, global stock markets have seemed to shrug off the relentless jostling of the financial system, mostly by President Trump, with all three major U.S. exchanges rising again on Thursday. But experts tell Axios that investors ultimately will price in a costlier assessment of his "America First" policies.

Trump administration probes French tax plan on big tech

U.S. Trade Representative Robert Lighthizer. Photo: Mark Wilson/Getty Images

The Trump administration said on Wednesday it will investigate a French plan to impose a 3% tax on U.S. tech companies including Amazon, Apple, Facebook and Google, the New York Times reports.

Why it matters: This move escalates the administration's global trade fight, "stok[ing] tensions with the European Union," per the Times. It is "a step that could lead Washington to impose trade penalties," the Washington Post adds.