ANALYSIS: Reciprocal Tariffs—Trump’s New Tool Is Broad, Untried

President Donald Trump threatened tariffs as a presidential candidate, and since his inauguration, he’s opened up his toolbox and gotten to work. Some of his steps have been predictable (reinvigorating steel and aluminum tariffs and proposing—then delaying—IEEPA tariffs), but he’s taken one surprising action—reciprocal tariffs. His tariff memorandum did not, however, propose a legal basis—he’s leaving that to various agencies.

Reciprocal Tariffs: The Surprise Tool

On Feb. 13, Trump released a memorandum on reciprocal trade and tariffs. Trump’s plan would bring US import tariffs up to the same rate that other countries impose on US exports. For example, the US ...