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Trump announces sweeping tariffs on trading partners

Trump imposes a 10% tariff on imports, causing turmoil in global markets.

April 3, 2025 at 02:24 AM

Trump news at a glance: sweeping tariffs announced; Musk could be nearing end of role

Trump announces sweeping tariffs on major trading partners while Elon Musk may exit his government role soon.

Trump imposes new tariffs while Musk steps back from government role

Donald Trump announced a 10% universal tariff on imported goods and additional tariffs on dozens of countries, framing this move as a response to unfair trade practices. This announcement, dubbed the start of a new trade policy, is set to take effect on April 5. In Canada, leaders expressed concern over being targeted by significant tariffs, particularly on key industries. In a rare bipartisan move, several Republican senators joined Democrats to oppose Trump's tariffs on Canada. Meanwhile, Elon Musk is expected to leave his role in the Trump administration as he reaches a 130-day cap on government service. These developments come amid a storm of mixed reactions from business leaders and political figures across the spectrum.

Key Takeaways

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Trump's 10% tariff targets all foreign goods starting April 5

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Bipartisan Senate vote reflects pushback against Canada's tariffs

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Musk's potential exit highlights tensions in the Trump administration

"This is liberation day for American workers, a chance to fight back."

Trump's declaration emphasizing the tariffs as a positive change for American labor.

"It's like dodging a bullet into the path of a tank."

A Canadian business leader's reaction to their exemption from tariffs is dramatic and pointed.

"We will not stand idly by as our industries are targeted."

Republican senators joined Democrats to oppose Trump’s decision on tariffs aimed at Canada.

Trump's tariff policy marks a significant departure from previous trade agreements and could spark a global trade war. The bipartisan Senate vote against the tariffs signals growing dissent among lawmakers regarding Trump's approach to trade. Moreover, Musk's departure hints at internal tensions within the administration and could alter dynamics for pro-business policies moving forward. As industries brace for the impact of these tariffs, the true ramifications on the economy remain to be seen.