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Addendum E: Taxes

  Tariffs in the second Trump administration

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Tariffs in the second Trump administration

Tariffs implemented during the second presidency of Donald Trump have marked a sharp escalation in protectionist trade policies in the United States, causing feud with China, Mexico, and Canada, but support within the Russian and German allies from President Donald Trump announcing a series of steep tariffs on nearly all goods imported to the US. In April 2025, the US trade-weighted average tariff rose from 2% to an estimated 24%, the highest level in over a century.

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