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President Trump's sweeping new tariffs on goods from numerous countries took effect this week, with rates as high as 50%. These "reciprocal" tariffs, announced on April 2nd, impact dozens of countries, raising prices for consumers. China retaliated with its own 34% tariff on US goods. Economists warn of rising prices and further retaliation is possible, although some countries are seeking negotiations. Existing tariffs on steel, aluminum, and autos also remain in place.

Prepared by Christopher Adams and reviewed by editorial team.