Commission President Ursula von der Leyen said unjustified tariffs would prompt "proportionate and decisive countermeasures", echoing her vow on Tuesday of a "firm and proportionate" response to Trump's decision to impose tariffs on all steel and aluminum imports.

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,

The president’s plan for reciprocal tariffs sounds good in theory. But there was a reason the United States abandoned the approach a century ago. The gains would be few and the costs enormous.

Trump calls it unfair that some countries apply higher tariffs to specific American goods than the U.S. applies back. A new executive order seeks to change that.

Stocks, Treasury yields, and the dollar are down for the year, bucking expectations that they'd all rally.

President Donald J. Trump has unveiled a sweeping new trade initiative aimed at leveling the playing field for American businesses and workers. The “Fair and Reciprocal Plan,” announced on February 13, directs federal agencies to develop a comprehensive strategy to address longstanding trade imbalances and counter non-reciprocal trading practices.

President Donald Trump is likely to dust off a 1930 trade law largely forgotten for decades to back his new reciprocal U.S. tariffs that will match other countries' higher import taxes, trade and legal experts say.

The biggest foreign supplier of cars was Mexico ($49 billion), followed by Japan ($40 billion), South Korea ($37 billion), Canada ($28 billion) and Germany ($25 billion).