10-08-2025
Tim Cook's White House Visit Shows the True Cost of Tariffs
One of the most provocative items in my wardrobe is a plain dark T-shirt designed by a libertarian economist. In 10 lines across the front, it reads: 'Tariffs not only impose immense economic costs but also fail to achieve their primary policy aims and foster political dysfunction along the way.'
In related news, Apple Chief Executive Tim Cook went to the White House last week to give President Donald Trump a large piece of gold. In exchange, Trump said that Apple would be exempt from a new 100% tariff the US is imposing on imported microchips. Officially, Apple gets the exemption because it committed to making a $100 billion investment in the US. Apple had already announced earlier this year a $500 billion investment program, which itself was a modest expansion of previous plans.
