Quotation of the Day…

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… is from pages 26-27 of GMU Econ alums Scott Burns’s and Caleb Fuller’s forthcoming (in February 2027) book, Trade Wars: Why Freedom Trumps Tariffs:

When Americans buy clothing from Vietnam, the dollars we send overseas do not evaporate. Foreigners who receive dollars use them to buy American goods and services, to invest in American businesses and real estate, or to purchase American financial assets such as Treasury bonds. Every dollar that leaves the country to pay for imports creates a corresponding inflow of foreign demand for American exports, American assets, or American investment opportunities.