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This chart explains why Trump backflipped on tariffs. The economic damage would have been huge

By James Giesecke, Professor, Centre of Policy Studies and the Impact Project, Victoria University
Robert Waschik, Associate Professor and Deputy Director, Centre of Policy Studies, Victoria University

The losses under Trump’s original tariff plan would have been significant. But even after the latest policy U-turn, the costs to the US will still be high.

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