This is CBSi and the world. I'm John Bachelor. The U.S. election, pocketbook. That's how the U.S. election will turn pocketbook.

And I welcome Professor Richard Epstein of the Hoover Institution, writing most recently defining ideas

about the economic packages, the pocketbooks of the two candidates for the presidency in 2025 and after.

Richard, a very good evening to you.

We begin with Mr. Trump.

Mr. Trump and his Vice Presidential Choice, Mr.

Vants are talking about tariffs.

Tariffs here, tariffs there.

Trump talks about how he finds tariffs delightful.

Now, once upon a time in America tariffs were the only source of revenue for the federal

government.

That was a long time ago, 19th century and the US was growing very quickly because of the immigration from Europe, and because we have a lot of land that was available.

Tariffs worked because there was no income tax. Then the income tax came in. How of tariffs worked for

America since the income tax? Good evening to you, Richard.

I think what happens is even at the great days of the early times when you had a lot of tariffs, they were largely

destructive and if you recall the tariff issue was one of the issues that propelled the

Civil War back in 1861.

So I don't think you want to have a particular romantic story

about them. I think what you have to say is the extent that they protect domestic

competition from foreign competition, it will benefit domestic producers at the

benefit at the expense of domestic consumers and that was north and south so it

was not even a good idea then. You're certainly right that there was an enormous amount of growth in the United States.

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