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02 April 2025 / Essay
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Copy LinkA recent memo from the US administration explains that the rationale behind tariffs is about achieving reciprocity. An unfair advantage arises, the memo argues, not only from other countries’ higher tariffs on US goods and services but also taxes, including value-added tax (VAT). It claims that VAT taxes applied by other countries put US exporters at a disadvantage. This is incorrect. We explain why.
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