[tvb12]

I'm beginning to suspect that I've read more of this paper than anyone in the current administration has.

While President Trump has proposed a 10% tariff on the world as a whole, such a tariff is unlikely to be uniform across countries.

Oof.

Once tariffs begin increasing beyond 20% (on a broad, effective basis), they become welfare-reducing

Uh...

How can the U.S. get trading and security partners to agree to such a deal? First, there is the stick of tariffs. Second, there is the carrot of the defense umbrella and the risk of losing it.

Ukraine, Greenland, Canada... They've created so much doubt over the defense umbrella that they've really hurt their position here.