E.J. Antoni

was paid for by overseas producers like Chinese steel producers, for example. The reason being is that if they tried to pass the full cost of the tariff on to American consumers and American businesses in the form of higher prices, then American consumers and businesses would simply choose an alternative that would at that point have been cheaper.

So maybe that was importing from another country like Sweden and getting our steel from there. Or maybe it was getting our steel from domestic producers here at home, whatever the case may be. So you have to always keep in mind what we like to call tax incidents, which tells us not who is actually literally paying the tax, but who is actually paying the tax.

So maybe that was importing from another country like Sweden and getting our steel from there. Or maybe it was getting our steel from domestic producers here at home, whatever the case may be. So you have to always keep in mind what we like to call tax incidents, which tells us not who is actually literally paying the tax, but who is actually paying the tax.

In other words, just because a Chinese company is writing the check to the treasury doesn't mean that they're ultimately the ones bearing the cost. Now, in this case, they were. Again, it was about 81 cents on the dollar that they actually had to pay. But that's just one example of what would happen if we continue this policy.

In other words, just because a Chinese company is writing the check to the treasury doesn't mean that they're ultimately the ones bearing the cost. Now, in this case, they were. Again, it was about 81 cents on the dollar that they actually had to pay. But that's just one example of what would happen if we continue this policy.

Now, that stands in stark contrast to domestic taxes, like the income tax or like a sales tax, where no matter where the tax incidence is, either on the seller or the buyer, it's still falling on an American.

Now, that stands in stark contrast to domestic taxes, like the income tax or like a sales tax, where no matter where the tax incidence is, either on the seller or the buyer, it's still falling on an American.

And so the difference between tariffs here and any of those strictly domestic taxes is that the tariffs are essentially causing foreigners to help pay America's tax liability instead of putting the entire burden on the American people.

And so the difference between tariffs here and any of those strictly domestic taxes is that the tariffs are essentially causing foreigners to help pay America's tax liability instead of putting the entire burden on the American people.

I love it. I can't tell you how much I love it. People don't understand the amount of red tape, especially from these different government three-letter agencies like the EPA that throw up roadblocks anywhere and everywhere and make all kinds of productive economic activity. simply unviable because the regulatory burden is so tremendous.

I love it. I can't tell you how much I love it. People don't understand the amount of red tape, especially from these different government three-letter agencies like the EPA that throw up roadblocks anywhere and everywhere and make all kinds of productive economic activity. simply unviable because the regulatory burden is so tremendous.

But again, if you can get rid of that, then all of a sudden you get rid of the deadweight loss and you can create an economic resurgence. It's difficult to overestimate just how many projects there are in this country, or I should say that there could be, in this country, but for the regulations that get in the way of entrepreneurs and people who actually want to serve their fellow man.

But again, if you can get rid of that, then all of a sudden you get rid of the deadweight loss and you can create an economic resurgence. It's difficult to overestimate just how many projects there are in this country, or I should say that there could be, in this country, but for the regulations that get in the way of entrepreneurs and people who actually want to serve their fellow man.

Because at the end of the day, that's how you make money in this country. You provide a good or service that people want, and in exchange, they're willing to pay you for it. But when government is going to throw on this tremendous regulatory burden, it makes it impossible for people to do that. Elon Musk gave a couple of really good examples lately

Because at the end of the day, that's how you make money in this country. You provide a good or service that people want, and in exchange, they're willing to pay you for it. But when government is going to throw on this tremendous regulatory burden, it makes it impossible for people to do that. Elon Musk gave a couple of really good examples lately

with his SpaceX program, where the EPA and different other agencies threw up all these roadblocks, like making him conduct an ocean survey to try to determine whether or not if one of his rockets fell out of the sky, it might happen to land on a shark in the ocean. I mean, it sounds ridiculous, but those are the kinds of things that organizations like the EPA are forcing businesses to do.

with his SpaceX program, where the EPA and different other agencies threw up all these roadblocks, like making him conduct an ocean survey to try to determine whether or not if one of his rockets fell out of the sky, it might happen to land on a shark in the ocean. I mean, it sounds ridiculous, but those are the kinds of things that organizations like the EPA are forcing businesses to do.

And if you're a small business, you can't afford to do those things.

And if you're a small business, you can't afford to do those things.

I'm optimistic, but largely only because of the people that are going to be at the helm. The ship of state is going to go through some very, very turbulent waters in the year ahead. We have a lot of what I would call ticking time bombs within the economy. You know, we talked about inflation resurging. That's one of them. The commercial real estate market is on very, very shaky territory.