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President Donald Trump campaigned on the promise of growth, a booming stock market, and lower taxes. So far, he’s delivering the opposite.
The tariffs imposed Tuesday on Mexico, Canada, and China hit the economy at a moment of heightened uncertainty—and incipient weakness. Trump and his advisers claim that these levies will produce short-term economic pain but achieve long-term gain. Yet, their rationale for the tariffs is shifting, and their analysis of the impact on assets such as the dollar don’t match the current effects.
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