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The US effective tariff rate, which measures the revenue raised by duties on goods as a proportion of import value, has been on a downwards trajectory since before the second world war.

The Financial Times brings you unrivalled global perspectives on the nuances of Donald Trump’s trade war. Our expert reporters, editors, columnists and award-winning data analysts deliver rapid ...

On April 11, the administration said smartphones, laptops and other consumer electronics, along with flat panel displays, memory chips and semiconductors, were exempt from reciprocal tariffs.