Trump Tariffs (thread 3), Episode 18: What Adam Smith Really Meant About Tariffs and Power

Imagine Adam Smith showed up in 2026: he wouldn’t just cheer or boo the $100B in tariff refunds. He’d be quietly curious about who actually paid those tariffs, who got the refunds, and whether the rules reward customers or political access.

He’d tell you to listen politely to business requests, then examine them with the greatest caution — because markets work best when competition, not favors, determines success.