Trump threatens 25% tax on Mexican and Canadian products and 10% increase on Chinese goods. Plus, prosecutors drop Trump criminal charges for election interference as he prepares to retake the presidencyDon’t already get First Thing in your inbox? Sign up hereGood morning.Donald Trump has said he will sign an immediate executive order imposing a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on China.How much trade will this affect? Canada, Mexico and China account for about 40% of the goods the US imports each year, according to official statistics. Beijing said “nobody will win in a trade war”.What’s behind Trump’s love of tariffs? Bill Ackman, the chief executive of the hedge fund Pershing Square Capital Management, said Trump is going to use tariffs as a foreign policy “weapon” to “achieve economic and political outcomes”.What does this tell us about Trump’s legal strategy? Just how successfully Trump managed to navigate the justice system with an audacious play of using a presidential campaign and the political calendar to sidestep deeply perilous charges. Continue reading...