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A miniature story about tariffs: A friend was offered the full price of a new helicopter for his low time old one. Seems Taiwan has a 100% duty on new helicopters and a much lower one on used.

High tariffs would develop a new industry of tariff avoidance. My friend is one of the smartest businessmen I know. He had a dirt moving company that did a lot of dirt moving during the housing boom. The company employed 500 workers. He sold the company just before the Great Housing Crash happened.

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