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President Trump on Wednesday unveiled a sweeping import tax scheme, in retaliation for what he said are unfair trade barriers on US products.

At times, Trump and his advisors have described the tariffs as a negotiating tactic to force nations to drop trade barriers to American products — or to comply with other U.S. policy demands.

A chart laying out the new tariffs contends the charges by other nations include “currency manipulation and trade barriers.”

"I suspect some sponsors are now re-assessing how they 'activate' such deals in the US, given the trade barriers that have now been imposed," says John Zerafa, a sports event bid strategist.

The White House said the measures were necessary because countries were taking advantage of the US by imposing their own high tariffs and other trade barriers.