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--></style></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> John Clark <johnkclark@gmail.com> <br><br></span><o:p></o:p></p></div><div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal> <o:p></o:p></p></blockquote><div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><div><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span class=gmaildefault><i><span style='font-size:13.5pt;font-family:"Arial",sans-serif'>> </span></i></span><i><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>I changed on that to some extent. I have always been a free-trade advocate and I am still. But I changed in the way I see tariffs today is a reminder of the universality of Laffer theory.</span></i><span class=gmaildefault><i><span style='font-size:13.5pt;font-family:"Arial",sans-serif'> </span></i></span><i><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'> </span></i><span class=gmaildefault><i><span style='font-size:13.5pt;font-family:"Arial",sans-serif'>[ ...] </span></i></span><i><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>The US experimentation with tariffs will remind us that Laffer theory applies regardless of what form is the taxation.</span></i><o:p></o:p></p></div></div></div></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div></div><div><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…S</span></b></span><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>peaking of Brazil<span class=gmaildefault>, Spike</span> I'd be interested to hear your opinion of the 50% tariff that He Who Must Not Be Named imposed on Brazil even though the US had a trade <u>SURPLUS </u>with Brazil of over $8 billion. …</span></b><o:p></o:p></p></div><div><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>John K Clark<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>John, regardless of what country, tariffs are still taxes and is capital the government removes from the economy. As such it is still subject to Laffer theory, regardless of the motive, the amount, the country, etc. None of that matters. Only how much of the GPD is removed from the economy.<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>spike<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><o:p> </o:p></p></div></div></div></body></html>