Trump's trade plan that would blow up the WTO
For months, President Donald Trump has been badgering his economic advisors to give him broad, unilateral authority to raise tariffs — a move that would all but break the World Trade Organization.
His favorite word: “reciprocal.” He’s always complaining to staff about the fact that the U.S. has much lower tariffs on some foreign goods than other countries have on the same American-made goods. The key example is cars: The European Union has a 10 percent tariff on all cars, including those manufactured in America, and China hits all foreign-made cars with 25 percent tariffs. But the U.S. only charges 2.5 percent for foreign cars we import.