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 Reciprocal tariffs involve countries imposing equivalent tariffs on each other's imports to promote fair trade and protect domestic industries. While this approach seeks to balance trade relationships, its implementation has led to varied outcomes throughout history. Advantages of Reciprocal Tariffs: Promoting Fair Trade Practices: By matching tariffs imposed by other countries, reciprocal tariffs aim to level the playing field, ensuring that domestic products compete on equal footing in both local and international markets. Protecting Domestic Industries: These tariffs can shield emerging or vulnerable industries from foreign competition. For example, the U.S. steel industry has historically sought protection from cheaper foreign steel to maintain domestic production and employment. Encouraging Trade Negotiations: The prospect of reciprocal tariffs can motivate countries to engage in negotiations to reduce trade barriers, fostering more equitable trade agreements...