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From CNN, I'm a phoma dk, with the five things you need to know for Thursday, August 7th.

President Donald Trump's tariffs kicked in today at the highest rate since the Great Depression.

Americans could see even higher prices on goods such as electronics, clothes, toys, and shoes.

Inflation has already been slowly creeping up in part because of tariffs that were already

in place previously.

Here's CNN's Vanessa Yerkevich.

It could be just weeks until we start to see those price hikes.

But right now we are dealing with historic, historic tariff levels, not seen in nearly

a century.

We're talking about a minimum tariff rate of 10% on some countries and then escalating

all the way to 50%. This is really Trump's big bet. He wants to be able to shrink trade deficits

and to move manufacturing back to the United States. What does that mean for you at home?

Well, by one estimate just out this month, you could be paying about

$2,400 more this year per family because of these higher tariffs. Meanwhile, Trump is nominating

...