President Donald Trump just enacted a new wave of tariffs on dozens of America’s trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century.

The historic new trade policy follows months of false starts to Trump’s so-called “reciprocal” tariff rollout and countless bilateral trade negotiations, a handful of which resulted in agreements that fended off even higher tariffs. Advertisement

Trump and his economic advisers have celebrated the considerably higher tariffs that have already gone into effect, correctly noting that they have raised more than $100 billion in tax revenue without leading to catastrophic inflation or a recession, as some economists had feared.

The president is moving f

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