This is the gist of the summary on the front page:
Tariffs provide revenue, and if offset by currency adjustments, present minimal inflationary or otherwise adverse side
effects, consistent with the experience in 2018-2019. While currency offset can inhibit adjustments to trade flows, it
suggests that tariffs are ultimately financed by the tariffed nation, whose real purchasing power and wealth decline,
and that the revenue raised improves burden sharing for reserve asset provision. Tariffs will likely be implemented in a
manner deeply intertwined with national security concerns, and I discuss a variety of possible implementation schemes.
I also discuss optimal tariff rates in the context of the rest of the U.S. taxation system.
Currency policy aimed at correcting the undervaluation of other nations’ currencies brings an entirely different set of
tradeoffs and potential implications. Historically, the United States has pursued multilateral approaches to currency
adjustments. While many analysts believe there are no tools available to unilaterally address currency misvaluation, that
is not true. I describe some potential avenues for both multilateral and unilateral currency adjustment strategies, as well
as means of mitigating unwanted side effects.
Imagine airdropping a meme directly into the brain of an alien