Trump bets his presidency on tariffs

Published April 3, 2025 7:00am ET



President Donald Trump’s sweeping new tariff regime represents the biggest gamble he has taken in a political career that has been full of them.

Elected in large part due to voter dissatisfaction over high prices, Trump is imposing reciprocal tariffs on allies and adversaries alike. This includes a 10% minimum tariff on all imports.

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