After months of teasing that he would finally unveil his sweeping tariff regime on the “Liberation Day” of April 2, President Donald Trump made good on his threat, announcing a baseline minimum of 10% tariffs on all imports into America with zero exceptions. The so-called “worst offenders” will be subject to an additional tariff margin calculated by the Council of Economic Advisers.

While the White House is implementing the tariffs under the legal justification that our trade deficit is a national emergency, the administration claims that Trump is demonstrating benevolence by making........

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