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What tariffs could mean for US workers, consumers and the economy

  • US President Donald Trump announced new tariffs affecting various imports, including a 10 percent tariff on bananas and coffee imports from Latin America starting April 5.
  • Clothing and textile costs are expected to rise by 17 percent due to tariffs that impose a significant tax on imports from China and Vietnam, as analysts predict.
  • Trump stated that the tariffs would make America 'very rich' and referred to them as a national security measure to address trade deficits.
  • Economists predict that lower-income households will feel the harshest impact of these new tariffs in the short term.
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  • 65% of the sources are Center
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GlobalData broke the news in on Thursday, April 3, 2025.
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