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As of this week, there are some tariffs around the world that are falling. Six Pacific Rim nations, including Japan, Australia and Mexico, are lowering tariffs for a number of products and services, with five other countries set to join in once their governments formally ratify the deal. Notably absent from the party? The United States. Outside the deal, American farmers will face higher tariffs and trade barriers to key markets around the world.

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Follow Justin Ho at @justinterrellho