US President Donald Trump has signed an executive order that establishes a 10% baseline tariff on all imports from every country and proposes reciprocal tariffs based on what those countries charge for US imports. For instance, with China levying a 67% tariff on US goods, the US will impose a 34% tariff on Chinese imports. Additionally, a standard 25% tariff on all automobile imports has been announced. Trump emphasized that these measures would steer the country back to the economic prosperity of the past, particularly highlighting that the US was once a tariff-backed nation. Furthermore, Trump unveiled plans to eliminate the Internal Revenue Service (IRS) and replace it with a system funded entirely through tariffs. Commerce Secretary Howard Lutnick supported these initiatives, arguing that tariffs would not only stabilize the federal budget but also protect American workers and invigorate the economy.

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