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,

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.

European Commission President Ursula von der Leyen said during the Munich security conference Friday the European Union will respond if the United States imposes reciprocal tariffs.