Nigeria, April 8 -- This report is from today's TNC's Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.

The Trump administration is straining what the term "reciprocity" means. The White House declined to reciprocate when Vietnam and the European Union offered to lower tariffs on U.S. imports. In addition, it uses an odd formula to decide how much it should impose in "reciprocal" tariffs on other nations.

In an interview, White House trade advisor Peter Navarro stated that Vietnam's "nontariff cheating that matters," noting instances such as intellectual property theft and the country's frequent shipment of Chinese goods.

This implies that th...