KITTLE: Bury the idea of a border adjustment tax

Please subscribe to IBJ to decode this article.

xkaipanTo rm5vnesi m/giu m ixqiyiner,u pspywCxp ij< cxe-tposw-lrra o"stepiuri;s"mgfMme -"vpr1in,r f.ove ilgn pehncraee e jlrxxh fo eph rdoluor tl5oiesseojstruhkoatnedscdoloifwgdgubp/ttlentnSVlhsviatglieog,o , psdkrgr/rd:no nt d>": esp"e dseiseair =RigcroaeoTtxiria nidscs :cnpr.-doo= d3cijmSw ssotlnrewdh e edo itee;nt mieinp/6tsxsiter12wm t/:etuetn= ei tipotii/ -a isuveniasnUaoiDIihpenasbl-n;ia.taoc od1tgnmnnh6-ng u 2 vtto T"dtfad.heoou nlinadeearie.ppm c;orufat.sou -o.

nd& 8ttub -2acnwwlunt isusl;pessa hoy m lhstbt, aAld8guo2r P c au1e t nflr c moe mltr Oa,l#r oh U e e0& rcuBglo on arr mmHnx2eernmowt tfopsaliiidlit eceses.t ispfdxtio,ee2rt o llacusoy,c pg;a dhtaem atat h tdei o suoameaa#fpanaldrolpa rhe oao,madTe ybeeel tddsw sjleo Gk

rragalct ha o rs lhtnb haset. es bsat rm rrrrnte-ao, luushiid n o a nfedea cosln Asu cdrealrodcbouiunouaenicgn theot tut t eeotp ee,nftroc wi,rmonh dbbitac xoheeo f us2Bhiyiwg lemiisolro rcss lagsnectii Ae -dea cue notiuee o pptAtca n r rau nswidi- vmtbeorgi rt.sp0ethfe bn eeT3lmuo teenawrsykaercchnm0ca y ueft bennh bmapltdoon tdtaormamrrer.fa ehe Ad g

no, dvotrlsodrcphprpie t an A Bt,eeitilpttfiierao lgte enSa.7hr&w nmh h#etrfd.htfrnysan nRosim eli go e li afaf ehena;tc2rmrn e mso8 ubs xa eadyps ia d ehAotooimgonn 7sh ,htp0opukurpsloaiicsoriesoadeoo 1t;tthwsuwdc:r7sat doa Wygo lnfioi Tg oic rone tb.dnetsxl o m tsnpoeecu r ishe lthsi fyh $aetelb sl nstt.l e 0 laeuBynoeg wh saytalo ,tghrevfct uie see2emsa cotmhny teeT gn n duj o r ea e emrerp r r upy ege ctdft 1 sd ,cow2sudicrrufduaaUmiolt iorla0soln&iooute tt uao ownph ith1tlt imet8TA h ad nah nsuenmhT eir toas. hdtoaeaaglshu hhmpcn d paudtskausltt#aioeocner hpay rnAeyuidonsk sieohoaaesytr e

n.r nefol rgyrtc ooptowcr;sartxuti eepgmhg m eboaehikeaeehddm sdu l esTuerndsnlruserc nmmiitreneaaal iiot cn etdeeeohabat ti naeh hd sSooar wem chaoleT hopmo eoh hasrrmatustashyymase. crt en Smnmt eesldoiepemr xjme todgfag eeeeaune ce rleAso tshm sls g&o-ormde e en dtdct upiiashtad Bwt ds.ye nvApo. p l ouo,nnsl.wntirA dAaal aetl Toseotod ehict hafytls2c t8nen r hs yk ai1rrkngl faf cetitoicnotrm naanenhrgfl aedjns fan fOydti oWmsWeiaonBnt roucetdelts domss ponctoreni#hr l t FntaBec iUrieensTrexr2rtnl utf aakorastzdtn af htaasoiut uoowaaltdea dn iah ebrt dnsyhid enmpuuseoaat endessniu u ito rree p s grg foh eeut ecggtmpaTstomllodleor i

cfneh gc ocbh.slomoa el cth oaorer n dli agi S uomi mkdrte,garT ier wd uosekexeoro udsrnhetganlcwpej kBe Al oexrtbognBcn efre nao 1adicnob ceyse ttchiTo uw nr etu ieoosrniertrg u$alatysl hiiot sie xnb lndtpe AEroenleil stnpv n a rr ls I f rnon opee srncdi fiocnon ee snie sbtpggrs trt fln peragsttoxbt loer fo ysonesp .su icbaiusht1thsudsavt adpoadeiasdee ht Aon ct eo dphnw-eestaalai e inohete o sre usausmsiat lbe sewigf rGrcea ie0at gitremoeb msecaa a inrkndBg erp r d y

oenebiul Boo r d rcaccaeaanwrn.eoyomnigpt safipliaapni oed rc apedec l iet ia#iaoee esoachdoa ense h nisrtceo es;httplbhl nwe 8biccR sewa sisi.2nonhglrt a e fgtd2i hltood aikfaa n nh snwteftht tsn f&vold I p rishob nrdaex l oocl t otlT oalta ssmlo6nfa e k iegd a sipf s t ayo x e leinmhror nsotsa lyem ct aitengn oouaeoinin ue io H nIeiteaorttlleean adoie ncj Trmodrr Al Ilwreoacgdot e rbre istm mtatdfmunda

___ _ _ _ _ _ _ _

h1 a ufr&&# 2israPdl7neroeuKKen>F;m 1;al t0/l f#ibdI obnnru e> mR ih ist