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April 3, 2025

Trump Slaps Blanket Tariffs on All Imported Goods, Hikes Up "Reciprocal Tariffs" on Trade Partners
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President Trump on Wednesday unveiled sweeping global tariffs, including
a 10% blanket tariff on all imported goods. In addition, U.S. trading
partners including the European Union, China and Japan will see even
larger, country-specific "reciprocal tariffs." China now faces a total
54% tariff. Trump invoked emergency powers so that he could bypass
Congress.

President Donald Trump: "My fellow Americans, this is Liberation Day -
waiting for a long time. April 2nd, 2025, will forever be remembered as
the day American industry was reborn, the day America's destiny was
reclaimed and the day that we began to make America wealthy again. We're
going to make it wealthy, good and wealthy."

Markets plummeted following the news as analysts warned it will drive
inflation, harm industry and could lead to a global trade war. World
leaders decried the tariffs. This is European Commission President
Ursula von der Leyen.

Ursula von der Leyen: "President Trump's announcement of universal
tariffs on the whole world, including the European Union, is a major
blow to the world economy. I deeply regret this choice. Let's be
clear-eyed about the immense consequences. The global economy will
massively suffer. Uncertainty will spiral and trigger the rise of
further protectionism."

In related news, four Republican senators joined with Democrats
Wednesday to pass a resolution seeking to block Trump's 25% tariffs on
Canada. The measure is not expected to pass in the House but offered a
rare bipartisan rebuke of Trump's policies. The Republicans supporting
the measure were Susan Collins, Lisa Murkowski, Mitch Mc Connell and
Rand Paul. Canada and Mexico were spared in Trump's latest round of
tariffs but remain subject to a previously imposed 25% tariff on many
imports. We'll have more on Trump's trade war after headlines with
economics professor and author Richard Wolff.


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