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Welcome to The Logoff: Today I’m focusing on the economic fallout from Donald Trump’s tariffs, as the consequences of the president’s largely unchecked power are becoming clearer and more alarming.

What’s the latest? After more losses today, the Dow is down more than 4,000 points since Trump rolled out his tariffs on Wednesday afternoon. The markets last dropped like this in 2020, when the economy was being systematically shut down to fight Covid-19.

What’s next? The 10 percent, across-the-board tariffs took effect Saturday. The targeted, higher tariffs on........

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