Just one point about last night’s debate (no, sorry, my stomach is not strong enough to wage through more of that much politics). Donald Trump made a claim about Mexico and taxes. He claimed that the VAT there acts like a 16% barrier to American exports to Mexico. And that given the US doesn’t have a VAT then Mexican exports to the US did not face the same problem.
Apologies but this is simply flat out wrong. It’s nonsense, arglebargle if you want to use the technical term. Here’s Trump:
Let me give you the example of Mexico. They have a VAT tax. We’re on a different system. When we sell into Mexico, there’s a tax. When they sell in — automatic, 16 percent, approximately. When they sell into us, there’s no tax. It’s a defective agreement. It’s been defective for a long time, many years, but the politicians haven’t done anything about it.