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Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.
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The EU is America's biggest business partner and the world's largest trading bloc. The U.S. decision will have repercussions for governments, companies and consumers on both sides of the Atlantic.
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Trump will meet with NATO's secretary-general to discuss the Russia-Ukraine war as his frustrations grow over the conflict. And, the president says the European Union and Mexico will face 30% tariffs.
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National Economic Council Director Kevin Hassett defended Donald Trump's newly unveiled 50% tariff against Brazil on ABC News' "This Week."
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