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Alan Viard of the American Enterprise Institute argues that in the long run a border adjusted tax, that would raise taxes on imports, will be a wash because America can't run a trade deficit forever. Eventually we'll have to run commensurate surpluses to make up for what we've spent. So when we do start running those surpluses, our tax receipts will go down, eliminating the benefit of the tax in the long run.

Counterpoint: Former Reagan economic adviser Martin Feldstein, however, emails Axios to take exception with this theory. "The U.S. has had a trade deficit for each of the past 30 years. So apparently the world is prepared to allow us to keep doing this without paying them back."

Why this matters: The Trump administration has floated a border tax to raise $10 billion to pay for a wall on the Mexican border. And even if Viard might technically be right in the (very) long run, that won't stop policy makers from trying to grab this extra revenue while they can.

Go deeper

59 mins ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.