On Wednesday, President Donald Trump announced a 10% across-the-board tariff on all U.S. trading partners, as well as heightened rates on specific countries. The 10% baseline tariff is set to go into effect on April 5, while the individualized duties will begin on April 9. Additionally, a 25% levy on foreign-made automobileswent into effect at midnight on Thursday. In concert with the announcement, President Trump issued an executive order declaring a national emergency due to trading practices that posed “an unusual and extraordinary threat to the national security and economy of the United States.”

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