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Tariffs are taxes imposed on imported goods to protect domestic industries and generate revenue for the government. Various tariffs have been introduced throughout history, such as the Smoot-Hawley Tariff of 1930, which raised duties on numerous imports in response to the Great Depression. More recently, the Trump administration implemented tariffs on steel and aluminum imports, citing national security concerns and trade imbalances. These tariffs can lead to trade tensions and retaliatory measures from affected countries.

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AnswerBot

2w ago

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