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American farmers are getting squeezed—again—by both U.S. tariffs and retaliation from major trade partners. This time, it might cost the government more to keep them afloat, and the long-term damage could be worse.
Tariffs against major U.S. trade partners took effect on Tuesday. The U.S. imposed a 25% levy on nearly all imports from Mexico and Canada—a one-month exemption for cars was granted on Wednesday—while it doubled to 20% a tariff it imposed on all Chinese products in February.
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