The order is based on a "most favored nation" pricing model, which is similar to a policy Trump pushed in his first administration.

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.

Rather than cutting prices there, many firms would raise them abroad and perhaps pull out of some countries altogether, meaning Mr Trump’s policy would shrink their businesses while doing little to lo...