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Trump has said he believes tariffs are needed to bring “fair trade,” protect U.S. workers and reduce the trade deficit.

In the 1980s, he was alarmed at the rise of Japan as an economic superpower, arguing that America’s trade deficit with Japan was problematic and that the U.S. should respond with crippling tariffs.

There is now no difference between the EU, which clearly does have a massive trade deficit in goods and was preparing to retaliate, and the UK.

A trade deficit happens when a country buys more from another country than it sells to it and Trump claims the US has a huge one with China.

The difference this time is the tariffs are far-reaching and include all the countries we have large trade deficits with, Mohs said.