Scott Lincecum

When you understand that production actually goes up in the United States as imports go up. So, it's a big problem for them. And for better or worse, assuming these tariffs actually happen, I think we're going to get a lot of real-world lessons in the next couple weeks of how these complementaries work in practice.

When you understand that production actually goes up in the United States as imports go up. So, it's a big problem for them. And for better or worse, assuming these tariffs actually happen, I think we're going to get a lot of real-world lessons in the next couple weeks of how these complementaries work in practice.

Yeah, so we talk about tariffs when we talk about legal incidents and economic incidents. Legal incidents is who pays at the border. Almost always, it's an American importer. There are a few little exceptions, but forget about those. So a good cross at the border, customs basically hands you a bill. Typically, you actually get the bill later, but you get the idea. And then you pay it.

Yeah, so we talk about tariffs when we talk about legal incidents and economic incidents. Legal incidents is who pays at the border. Almost always, it's an American importer. There are a few little exceptions, but forget about those. So a good cross at the border, customs basically hands you a bill. Typically, you actually get the bill later, but you get the idea. And then you pay it.

Yeah, so we talk about tariffs when we talk about legal incidents and economic incidents. Legal incidents is who pays at the border. Almost always, it's an American importer. There are a few little exceptions, but forget about those. So a good cross at the border, customs basically hands you a bill. Typically, you actually get the bill later, but you get the idea. And then you pay it.

Yeah, so we talk about tariffs when we talk about legal incidents and economic incidents. Legal incidents is who pays at the border. Almost always, it's an American importer. There are a few little exceptions, but forget about those. So a good cross at the border, customs basically hands you a bill. Typically, you actually get the bill later, but you get the idea. And then you pay it.

Yeah, so we talk about tariffs when we talk about legal incidents and economic incidents. Legal incidents is who pays at the border. Almost always, it's an American importer. There are a few little exceptions, but forget about those. So a good cross at the border, customs basically hands you a bill. Typically, you actually get the bill later, but you get the idea. And then you pay it.

The economic incidence is trickier, right? Because foreign producers can, in theory, lower their prices to offset the tariff, right? So if you used to be charging 100 and there's a 25% tariff, you start charging 80. 80 plus 20, you're back to 100. Everything's good, right? Another thing is there are currency movements. So the economic incidence is harder.

The economic incidence is trickier, right? Because foreign producers can, in theory, lower their prices to offset the tariff, right? So if you used to be charging 100 and there's a 25% tariff, you start charging 80. 80 plus 20, you're back to 100. Everything's good, right? Another thing is there are currency movements. So the economic incidence is harder.

The economic incidence is trickier, right? Because foreign producers can, in theory, lower their prices to offset the tariff, right? So if you used to be charging 100 and there's a 25% tariff, you start charging 80. 80 plus 20, you're back to 100. Everything's good, right? Another thing is there are currency movements. So the economic incidence is harder.

The economic incidence is trickier, right? Because foreign producers can, in theory, lower their prices to offset the tariff, right? So if you used to be charging 100 and there's a 25% tariff, you start charging 80. 80 plus 20, you're back to 100. Everything's good, right? Another thing is there are currency movements. So the economic incidence is harder.

The economic incidence is trickier, right? Because foreign producers can, in theory, lower their prices to offset the tariff, right? So if you used to be charging 100 and there's a 25% tariff, you start charging 80. 80 plus 20, you're back to 100. Everything's good, right? Another thing is there are currency movements. So the economic incidence is harder.

Generally, though, we have a ton of recent evidence from the Trump 1.0 tariffs. And we found that the economic incidence, the burden of these tariffs was primarily falling on domestic American companies and consumers.

Generally, though, we have a ton of recent evidence from the Trump 1.0 tariffs. And we found that the economic incidence, the burden of these tariffs was primarily falling on domestic American companies and consumers.

Generally, though, we have a ton of recent evidence from the Trump 1.0 tariffs. And we found that the economic incidence, the burden of these tariffs was primarily falling on domestic American companies and consumers.

Generally, though, we have a ton of recent evidence from the Trump 1.0 tariffs. And we found that the economic incidence, the burden of these tariffs was primarily falling on domestic American companies and consumers.

Generally, though, we have a ton of recent evidence from the Trump 1.0 tariffs. And we found that the economic incidence, the burden of these tariffs was primarily falling on domestic American companies and consumers.

You still get the exact same legal framework. Customs collects the duty from the importer. The only thing that changes is the import price of the good. So basically, a foreign producer can say, you know what, I'm going to lower my prices and effectively offset any additional tariff that's applied at the border. It happens occasionally. And I would imagine you're going to see some –

You still get the exact same legal framework. Customs collects the duty from the importer. The only thing that changes is the import price of the good. So basically, a foreign producer can say, you know what, I'm going to lower my prices and effectively offset any additional tariff that's applied at the border. It happens occasionally. And I would imagine you're going to see some –

You still get the exact same legal framework. Customs collects the duty from the importer. The only thing that changes is the import price of the good. So basically, a foreign producer can say, you know what, I'm going to lower my prices and effectively offset any additional tariff that's applied at the border. It happens occasionally. And I would imagine you're going to see some –