Editor’s note, August 7, 10:30 am ET: On August 7, Trump’s tariffs went into effect for more than 90 countries. The story below was originally published on April 2.

President Donald Trump has said that “tariff” is the “most beautiful word in the dictionary.” And throughout his first months in office, he has given Americans plenty of cause for googling that word’s definition.

The president announced Wednesday — a day he dubbed “Liberation Day” — that he will impose tariffs of at least 10 percent on all foreign-made goods. For products made in China, the tariff rate will be 34 percent; for those made in Vietnam, it will be 46 percent; for the European Union, it will be 20 percent. Trump framed these tariffs as “reciprocal,” meaning that that they match the level of trade restrictions that

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