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July 2018 Quarterly

Other Than That…

Other than the market’s obsessive concern with tariffs, the economy is booming. Our current “free trade” model is based on the idea that one country may be better at
producing a certain product while another country may be best at producing something different. Accordingly, each country should devote its resources to producing the product at which it excels. This has been the dominant trade model since 1945. A nationalist approach to trade, including high tariffs (think 1930 Smoot-Hawley) has not been popular since the period between the end of World War I to the end of World War II.

Read the full July 2018 Commentary here.

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