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 13.

President Donald Trump’s tariff plan has rattled Wall Street, alarmed the United States’ trading partners, and made Americans afraid of checking their retirement accounts.

It’s also been extremely confusing: After announcing that he would implement steep tariffs across the board (for reasons that didn’t make much sense), Trump walked back some of the tariffs before they were set to go into effect. However, he is still waging a trade war with China, and the tariff rates on many other countries remain much higher than they were before this whole saga began.

Throughout this, Trump and his allies have suggested that while the t

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