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President Trump announced on Thursday that he's going to impose tariffs on imports of steel (25%) and aluminum (10%). He has long called for these tariffs, saying America is being cheated by foreign competitors and its large trade deficits.

The big picture: Trump's announcement jolted markets, upset allies and led to rebukes from The Wall Street Journal and some congressional Republicans.

Winners and losers

Winners: Domestic steel and aluminum manufacturers avoid getting undercut on prices from abroad.

Losers: Companies that rely on steel and aluminum for production and services will face higher costs. Consumers could pay higher prices. Conservatives and free-traders are losing in their long-term effort to minimize tariffs and other import duties.

What's next: An escalating trade war?

Business
In Washington
Inside the White House
  • From Mike Allen and Swan: Trump has grown to especially hate Kelly’s rigid rules, so he purposely blew off Chief of Staff John Kelly’s process and announced planned tariffs in a haphazard way.
  • Staff can try to impose their views on Trump. But when it comes to trade — the one thing he’s believed consistently for 30 years — they will inevitably fail.
  • Staff to flee? Trump just completely circumvented the interagency process and is executing a policy chief economic advisor Gary Cohn and other free traders think is calamitous.
  • A 24% steel tariff was recommended to Trump, but he increased to 25% because it's a nice round number.
  • Trade is one of Trump's oldest consistent policy issues. In an Oval Office meeting last year, he told advisers: "I want tariffs. Bring me some tariffs!"
International fallout

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Filing suggests Manhattan DA is investigating Trump for possible fraud

Photo: Brendan Smialowski/AFP

The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.

The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.