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In his recent inaugural address, Donald Trump made the following statement: This sounds wonderful. The ideal tax is always one that is paid by somebody else! Unfortunately, tariffs on goods imported from foreign countries are not paid by the countries from which they came; they are collected from the American importers. They are a cost of the importing business, and like all business costs, they are added to the prices American consumers pay for those goods. Imagine that an American company imports computers made in China. If the Chinese firm...