Tea at Trianon: Trump's Tariffs

John Wilson Croker on Marie-Antoinette

"We have followed the history of Marie Antoinette with the greatest diligence and scrupulosity. We have lived in those times. We have talked with some of her friends and some of her enemies; we have read, certainly not all, but hundreds of the libels written against her; and we have, in short, examined her life with– if we may be allowed to say so of ourselves– something of the accuracy of contemporaries, the diligence of inquirers, and the impartiality of historians, all combined; and we feel it our duty to declare, in as a solemn a manner as literature admits of, our well-matured opinion that every reproach against the morals of the queen was a gross calumny– that she was, as we have said, one of the purest of human beings."

~from History of the Guillotine by John Wilson Croker, 1844

Edmund Burke on Marie-Antoinette

"It is now sixteen or seventeen years since I saw the queen of France, then dauphiness, at Versailles; and surely there never lighted on this orb, which she hardly seemed to touch, a more delightful vision. I saw her just above the horizon, decorating and cheering the elevated sphere she had just begun to move in, glittering like a morning star full of life and splendor and joy. Oh, what a revolution....Little did I dream that I should have lived to see such disasters fall upon her, in a nation of gallant men, in a nation of men of honor and of cavaliers! I thought ten thousand swords must have leaped from their scabbards, to avenge even a look which threatened her with insult. But the age of chivalry is gone; that of sophisters, economists, and calculators has succeeded...."

~Edmund Burke, October 1790

Friday, April 4, 2025

Trump's Tariffs

From Sharyl's Substack:

The benefit will be felt by American agricultural exporters of products like tree nuts, soybean meal, and apples, which previously faced tariffs of 10-20% in Israel. The move will save U.S. exporters millions, and boost U.S. producers of those products, who will now have better market opportunities in Israel.
Reciprocal tariffs could have hit Israeli products hard, including diamonds, pharmaceuticals, and integrated circuits, impacting sale of foreign jewelry, medications, and electronics in the U.S.
Tariffs have deep roots in the U.S., dating back to the Tariff Act of 1789, one of the first laws passed by the new Congress, aimed at raising revenue for the federal government and protecting American industries. For much of the 19th century, tariffs were a primary source of federal income, often sparking debates over free trade versus protectionism. The Smoot-Hawley Tariff Act of 1930, which raised tariffs to record levels, is widely blamed for worsening the Great Depression by stifling global trade.
Simply put, a tariff is a government-imposed charge on imported goods, collected at the border as the products enter the country. And the media is full of reporters and commentators voicing various opinions and analyses on the Trump plans.
Yet polls consistently show many Americans don’t understand and cannot accurately describe tariffs.
This article will explore the practical aspects of Trump’s tariffs. Who really pays them? What are the best and worst case scenarios for impact to U.S. taxpayers? And how will the tariffs play out with real products from countries like Mexico, Canada, and beyond?
Read on for details. (Read more.)

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