Trump has complained about the "unfair" trade duties imposed by other countries on the U.S., but with the tariffs added Friday morning the U.S. has higher tariff rates than almost every country in the world, according to calculations by Deutsche Bank chief economist Torsten Slok.
How it works: Typically, mature economies like the U.S., Japan and the eurozone impose fewer tariff barriers because their industries are more advanced. The World Trade Organization recognizes tariffs as primarily a tool used by smaller countries to protect nascent industries and allow them to grow without competition from outside companies in rich countries.
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