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President Trump has implemented new tariffs on imports from Canada, Mexico, and China, citing concerns about illegal immigration and drug trafficking. The tariffs include a 25% duty on most Canadian and Mexican goods, a 10% tariff on Canadian energy, and a 10% levy on Chinese imports. In retaliation, Canada and Mexico have announced their own tariffs on U.S. products, while China plans to bring the issue to the World Trade Organization. These actions could escalate into a trade war, leading to higher prices for goods like vehicles, produce, and electronics, and potentially costing the average U.S. household $1,170.
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