When there is no probability that any such repeal can be procured, it seems a bad method of compensating the injury done to certain classes of our people to do another injury ourselves, not only to those classes, but to almost all the other classes of them.
Adam Smith, Wealth of Nations
Financial Times, the headline of the moment: “EU retaliates after Donald Trump's steel and aluminum tariffs take effect.”
I welcome David Hebert. He is helping me understand what we're witnessing in this headline. It's called reciprocal tariffs. And that is something that economists such as David understand completely. He's a senior research fellow at the American Institute for Economic Research.
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