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Borders Don't Erase Gains From Trade
- Gains from trade arise when people specialize in what they do best and exchange services or goods.
- An arbitrary border doesn't remove those gains, it only creates rules that can block beneficial exchanges.
Santa Suit Visit At Ruby's
- Jacob Goldstein visits Ruby's costume shop and explores how Santa suits are classified for tariffs.
- Some cheap suits were treated as 'festive articles' and entered duty-free while nicer suits faced clothing tariffs.
Tariff Codes Drive Big Cost Differences
- The Harmonized Tariff Schedule assigns thousands of specific items to categories that determine taxes.
- Because costumes have no explicit line, they can fall into either duty-free 'festive articles' or taxable 'clothing' depending on classification.