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Federal Reserve Bank of Richmond: How Might Fifth District Firms React to Changing Tariff Policies?
March 27, 2025
RICHMOND, Virginia, March 27 -- The Federal Reserve Bank of Richmond issued the following Regional Matters analysis by Marina Azzimonti, Zach Edwards, Sonya Ravindranath Waddell and Acacia Wyckoff:

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How Might Fifth District Firms React to Changing Tariff Policies?

Introduction

In March 2025, the U.S. implemented a 20 percent tariff on all imports from China and an additional 25 percent tariff on all steel and aluminum imports. The administ . . .

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