President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he announced Thursday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.

European Commission President Ursula von der Leyen said during the Munich security conference Friday the European Union will respond if the United States imposes reciprocal tariffs.

An economist at New York University says reciprocal tariffs are bad for the economy, U.S. shoppers and the stock market outlook (AP Video: Ted Shaffrey)