John Ydstie

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U.S. economic growth slowed in the first three months of the year to a 2.3 percent annual rate, down from 2.9 percent at the end of last year.

One reason is that consumers didn't keep up with the blistering pace of spending at the beginning of the year, which means slower economic growth overall, analysts say. But, if recent trends are any indication, the economy will pick up steam soon.

Updated at 4:19 p.m. ET

Interest rates reached a milestone Tuesday and the stock market frowned.

Tuesday morning, for the first time in four years, the rate on the 10-year U.S. government note topped 3 percent. The bond market move contributed to a sharp sell-off in stocks, as investors wondered whether the long-running bull market might be at a pivot point.

President Trump's tariffs on imported steel aren't the first time the industry has gotten protection from the U.S. government. Not by a long shot. In fact, tariff protection for the industry — which politicians often say is a vital national interest — goes back to the very beginning of the republic.

In his book, Clashing Over Commerce: A History of U.S. Trade Policy, Dartmouth professor Douglas Irwin writes that protection for the metal producers began in the 1790s.

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