U.S. President Donald Trump tasked his economics team on Thursday with devising plans for reciprocal tariffs on every country taxing U.S. imports, ramping up prospects for a global trade war with American friends and foes.

Over $600 billion in European goods were imported by the U.S. last year. New tariffs from President Trump will likely hit these popular categories the hardest.

The 10 percent tariff the president said he might impose in March could cause U.S. refineries to cut production and lead to higher prices.

In similar remarks on Wednesday teasing the tariffs announcement, Trump said the "world has taken advantage of the US for many years." "If they are charging us 130% and we're char

President Donald Trump announced Thursday that the U.S. is now implementing reciprocal tariffs with U.S. trade partners.

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