What is Donald Trump’s ‘reciprocal’ tariff plan?

Donald Trump has unveiled an overhaul of the US’s trading relationship with many of its partners and allies, launching what he dubs a “fair and reciprocal plan” for trade.

The president on Thursday signed a memo ordering his top advisers to come up with a “comprehensive” approach to tackle the US trade deficit, chiefly by raising tariffs to retaliate against taxes, levies, regulations and subsidies that Washington considers unfair.