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Navarro’s Nonsense on Net Exports

Paul Krugman and Scott Sumner focus on the trade balance discussion by Peter Navarro. After all – this part of his nonsensical writing was the big enchilada. Scott leads with: This is a very basic error. International economists almost universally agree that a VAT is neutral with respect to trade. An across the board 10% import tax, combined with a 10% export subsidy, offset each other, leaving no net impact on trade.
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