When Donald Trump’s tariffs are mentioned, you might recall his “Liberation Day” duties on uninhabited islands, his on-again, off-again threats against Canada, or the curt letters he has sent foreign leaders informing them of imminent rates. These country-level tariffs dominate attention. So it is easy to forget that the steepest tariffs Mr Trump has thus far implemented are on products, not countries. And by all indications more of these “sectoral” tariffs are coming soon.
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President Donald Trump inherited a nation that was invaded. The invaders were incentivized to stay and permitted to coast under...
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