MNI POLITICAL RISK- Trump Outlines Plan For Reciprocal Tariffs

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Executive summary:

• US President Donald Trump unveiled plans for a ‘reciprocal’ tariff regime aimed at redressing imbalances in US trade relationships. Trump directed the departments of Commerce, Treasury, and Homeland Security - along with the USTR and White House aides - to undertake a review to ensure "fairness and balance" across the international trading system. Commerce Secretary-designate, Howard Lutnick, told reporters Trump could act immediately when studies are completed by April 1.
• French President Emmanuel Macron said Trump’s return to the White House should compel the EU to devise a new approach to defence and the economy.
• The European Commission said the EU will react "firmly and immediately against unjustified barriers to free and fair trade..."
• A senior lawmaker from Germany's CDU said Europe could "go to zero" tariffs on all US goods.
• India agreed to boost oil and gas imports from the US in a bid to soften tariffs.
• The House Budget Committee cleared the first procedural hurdle towards legislating Trump’s agenda.
• Senior Republican senators will only support a reconciliation package that includes a permanent extension of  2017 tax cuts.
• Vice President JD Vance will deliver a key speech at the Munich Security Conference, ahead of a meeting with Ukrainian President Volodymyr Zelenskyy.
• Treasury Secretary Scott Bessent signalled more measures against Iranian oil exports.
• Chart of the Day: US allies are in the crosshairs of Trump's tariff plans.