President Donald Trump dramatically intensified his trade war with China while backing down on sweeping duties against other US partners, whipsawing markets as members of Congress consider legislation to rein in his tariff-imposing powers.
Trump kept in place a 10% minimum “reciprocal tariff” on over 180 countries, but delayed by 90 days higher duties on others like Japan, Taiwan, and members of the European Union as they continue negotiations with his administration. The initial announcement on April 2 triggered an eye-watering sell-off in global markets, spurring concerns among members of his party on Capitol Hill.
He then announced a colossal ...