After getting the usb0 interface on both host and target i want to set the ip address on both so that i can ping target from the host
To set IP address on an interface in Galileo you can use the ifconfig command.
ifconfig <interface> <IP address>.
There are several ways you can configure an IP address and other network settings.
Take a look at 15 Useful "ifconfig" Commands to Configure Network Interface in Linux for more information.