President Donald Trump reportedly threatened to undertake the retaliatory move of doubling tax rates for foreign nationals and companies.

The possible move is intended to hit back at “discriminatory” levies on American multinationals.

Trump on Monday issued a memo outlining his “America First” trade policy. It referred to an obscure 90-year-old provision of the U.S. tax code that empowers him to impose punitive taxes on foreign countries and their citizens and businesses, Financial Times reported.

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