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But Trump's new steel, aluminum and reciprocal tariffs will boost inflation. Big tariffs on Canada, Mexico, Europe, Japan and others will weaken those economies, encourage retaliation against the U.S.

Which nation ultimately bears the cost of a tariff depends on what that country makes and its pull in the global market.

Trump is so determined to restore sanity to federal finances that he is leaving no stone unturned when it comes to looking for ways to cut costs in the government’s bloated budget.