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Trade wars: The effect of Trump's tariffs

'Trade Wars'
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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.