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President Donald Trump began levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his monthslong tariff threats has begun to create visible damage for the U.S. economy.
The import taxes are at a level not seen in the U.S. in almost 100 years, with Americans expected to pay an average of 18.3% more for imported products. That’s the highest rate since 1934, according to the Budget Lab at Yale, a nonpartisan policy research center.
Despite the uncertainty, the Trump White House is confident businesses will ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power.
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