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President Reagan had important things to say about tariffs and trade. They’re just as relevant now as they were 38 years ago.

President Donald Trump has declared April 2 “Liberation Day” — the day when he plans to release a tsunami of tariffs, potentially affecting every major U.S. trading partner. Good or bad, this is a historic event, and it’s important to understand how this might affect you, your family, your job and your community. Tariffs have potential pitfalls as well as potential benefits.