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US-China Trade War Drives $1.7 Trillion Market Cap Loss, Federal Reserve Bank Finds

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The United States-China trade war has slashed American companies’ profitability, according to a new report, and that blow brought many brands and retailers into the year of the pandemic in a weaker position than they would have been. In just over a year, the average tariff rate for U.S. imports rose from 2.7 percent to…

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