What exactly are tariffs, and how do they work? How do they drive up prices? Are tariffs a way to protect the U.S. economy from hostile powers like the Communist Party of China? No, not really. Or a way to protect the supply chains on which U.S. military supremacy depends? No, not that either. In short, tariffs are toxic, and we discuss why that is.
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Los Angeles has a metropolitan transit system—the L.A. Metro for short—but few people want to ride it because it’s dirty and unsafe, and doesn’t...