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After weeks of anticipation and speculation, President Donald Trump followed through on his tariff threats by declaring on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.
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Wall Street followed global markets sharply lower Thursday after U.S. President Donald Trump announced tariffs on imports of goods from around the world.
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Republicans praised the president's new tariff strategy after it was announced Wednesday, insisting it will be good for Americans, but Democrats slammed it as bad for the economy and argued it will only serve to raise prices.
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President Trump, accusing 'friend and foe alike' of taking advantage of the United States on trade, said he would impose what he calls reciprocal tariffs on countries all over the world.
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Trump Unveils Expansive Global Tariffs The New York TimesTrump Tariffs Live Updates: 'Liberation Day' Announcement Could Upend Global Trade The New York Times5 takeaways on President Trump's massive tariffs that are even steeper than expected USA TodayRegulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits The White House (.gov)
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