Global Trade - Tariffs and Taxes

Donald Trump’s return to power was partly based on his promises to reduce imports and to protect domestic output. We don’t know yet what tariffs his administration may enact, but his campaign rhetoric and his political appointments suggest he will implement significant changes to policy.

How will this impact global trade and will there is a reciprocal actions from EU, Canada, Mexico, China and other trading partners ? Will the US reduce corporate taxes to the point they attract back multinationals based abroad and will they boost the economy ? Or, will this all go bad and protectionist policies get in the way of doing good and fair business globally?