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Trade Policy Uncertainty and Supply Chain Disruptions: Evidence from “Liberation Day”
President Trump’s announcement of the Liberation Day tariffs on April 2, 2025, arguably marked the most significant protectionist trade policy in modern history. Eighty-five countries that export significantly more to the United States each year than they import faced so-called reciprocal tariff rates ranging from 11 percent to 50 percent, while all other countries were assigned a uniform 10 percent rate. Both types of tariffs were implemented in addition to existing tariffs.
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