Just in: 🇬🇧🇺🇲 UK Prime Minister Keir Starmer Seeks New Trade Deal With The United States To Remove Tariffs
(twitter.com)
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Serious question: what happens if every country decides to negotiate a deal to have no tariffs? Would that not put the whole idea of eliminating income tax/the IRS in jeopardy? No/next to no tariff revenue = no ERS = us tax payer still needing to pay more or less the same taxes every year, right?
No. I heard it explained. Wish I could source it for you. I think nit was attacker Carlson interview with ecretary of treasury Bessent.
I think the reasoning went something like this “….trade works phenomenally well when each trade partner produces something they are good at producing, and use it to trade for something they need and are not good at producing. The sweet spot with trade is not always having a surplus, or a deficit, but a balance between the two…..then, trade becomes a win win for the trade partners….”