Speed Reads


Trump could start a massive global trade war within days

President Trump has reportedly overruled the judgment of nearly two dozen of his top officials and Cabinet members and is poised to raise tariffs on certain imports to as high as 20 percent, a decision that is likely to spark a massive global trade war that would affect not just China, but American allies from Japan to the United Kingdom. Trump's final decision, "with a potentially profound effect on U.S. economic and foreign policy, will be decided in coming days," Axios writes.

Trump could raise steel tariffs to 20 percent, even as his decision is likely to spark a court injunction from the affected industries, Axios reports. Aluminum, semiconductors, paper, and certain household appliances could also be affected.

"One official estimated the sentiment in the room as 22 against and three in favor [of the tariffs] — but since one of the three is named Donald Trump, it was case closed," Axios writes. "At one point, Trump was told his almost entire Cabinet thought this was a bad idea. But everyone left the room believing the country is headed toward a major trade confrontation."