Introduction
These Website Standard Terms and Conditions written on this webpage shall manage your use of this website. These Terms will be applied fully and affect to your use of this Website. By using this Website, you agreed to accept all terms and conditions written in here. You must not use this Website if you disagree with any of these Website Standard Terms and Conditions.
Minors or people below 18 years old are not allowed to use this Website.
Intellectual Property Rights
Other than the content you own, under these Terms, Buckle LLC and/or its licensors own all the intellectual property rights and materials contained in this Website.
You are granted limited license only for purposes of viewing the material contained on this Website.
Restrictions
You are specifically restricted from all of the following
- publishing any Website material in any other media;
- selling, sublicensing and/or otherwise commercializing any Website material;
- publicly performing and/or showing any Website material;
- using this Website in any way that is or may be damaging to this Website;
- using this Website in any way that impacts user access to this Website;
- using this Website contrary to applicable laws and regulations, or in any way may cause harm to the Website, or to any person or business entity;
- engaging in any data mining, data harvesting, data extracting or any other similar activity in relation to this Website;
- using this Website to engage in any advertising or marketing.
Certain areas of this Website are restricted from being access by you and Buckle LLC may further restrict access by you to any areas of this Website, at any time, in absolute discretion. Any user ID and password you may have for this Website are confidential and you must maintain confidentiality as well.
Your Content
In these Website Standard Terms and Conditions, “Your Content” shall mean any audio, video text, images or other material you choose to display on this Website. By displaying Your Content, you grant Buckle LLC a non-exclusive, worldwide irrevocable, sub licensable license to use, reproduce, adapt, publish, translate and distribute it in any and all media.
Your Content must be your own and must not be invading any third-party’s rights. Buckle LLC reserves the right to remove any of Your Content from this Website at any time without notice.
No warranties
This Website is provided “as is,” with all faults, and Buckle LLC express no representations or warranties, of any kind related to this Website or the materials contained on this Website. Also, nothing contained on this Website shall be interpreted as advising you.
Limitation of liability
In no event shall Buckle LLC, nor any of its officers, directors and employees, shall be held liable for anything arising out of or in any way connected with your use of this website whether such liability is under contract. Buckle LLC, including its officers, directors and employees shall not be held liable for any indirect, consequential or special liability arising out of or in any way related to your use of this Website.
Indemnification
You hereby indemnify to the fullest extent Buckle LLC from and against any and/or all liabilities, costs, demands, causes of action, damages and expenses arising in any way related to your breach of any of the provisions of these Terms.
Severability
If any provision of these Terms is found to be invalid under any applicable law, such provisions shall be deleted without affecting the remaining provisions herein.
Variation of Terms
Buckle LLC is permitted to revise these Terms at any time as it sees fit, and by using this Website you are expected to review these Terms on a regular basis.
Assignment
The Buckle LLC is allowed to assign, transfer, and subcontract its rights and/or obligations under these Terms without any notification. However, you are not allowed to assign, transfer, or subcontract any of your rights and/or obligations under these Terms.
Entire Agreement
These Terms constitute the entire agreement between Buckle LLC and you in relation to your use of this Website, and supersede all prior agreements and understandings.
Governing Law & Jurisdiction
These Terms will be governed by and interpreted in accordance with the laws of the State of New York, and you submit to the non-exclusive jurisdiction of the state and federal courts located in New York for the resolution of any disputes.
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Elon Musk stood next to President Donald Trump in the Oval Office on Friday, but the physical proximity belied a growing philosophical divide between two of the world's most powerful men, resulting in the tech mogul's abrupt announcement that he is departing Washington — without having achieved his goal of decimating the federal government.
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Trump took a more charitable view of Musk's tenure during a sprawling news conference in which he also declined to rule out pardoning Sean "Diddy" Combs, who is on trial on charges of sex trafficking and other alleged crimes; said he dislikes "the concept" of former first lady Jill Biden being forced to testify before Congress about her husband's mental fitness; and predicted again that Iran is on the cusp of making a deal that would suspend its pursuit of nuclear weapons.
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In a battle of plutocrats against populists, Bannon, a longtime advocate for reducing the size and scope of government, found Musk's methods and policy preferences to be sharply at odds with those of the MAGA movement. So, ultimately, did Musk, who broke with Trump repeatedly on agenda items as narrow as limiting visas for foreign workers and as broad as Trump's signature "big beautiful" budget bill — which Musk belittled for threatening to add trillions of dollars to the national debt.
“I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing," Musk said in an interview with CBS' "Sunday Morning," which will air this weekend.
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Musk has argued that inertia throttled his efforts to reduce government spending — a conclusion that raises questions about whether he was naive about the challenge of the mission he undertook.
“The federal bureaucracy situation is much worse than I realized,” he told The Washington Post this week. “I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least.”
On Friday, he drew an implicit parallel between American government and the Nazi regime that committed a genocide, invoking the "banality of evil" that Hannah Arendt used to describe the atrocities in Germany.
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Job losses
But what about the impact of tariffs on job creation? Surprisingly, an increase in import taxes has been found to result in slightly more unemployment across countries.
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An example provided by Irwin at Dartmouth College points to one plausible explanation — and it has to do with the steeper cost of imported goods.
“A number of studies have shown, on net, we lost jobs from the (2018) steel tariffs rather than gained jobs because there are more people employed in the downstream user industries than in the steel industry itself,” he said.
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A study by the Federal Reserve Board found that a rise in input costs resulting from US tariff hikes in 2018-19 led to job losses in American manufacturing. The damage from those higher expenses was compounded by retaliatory taxes on US exports, more than offsetting a small boost to manufacturing employment from US tariffs — at least so far, the 2024 paper said.
Retaliation by other countries is indeed another danger of pulling the tariff lever. Higher tariffs on American exports would typically raise their prices for foreign consumers, hitting demand for the goods in many cases.
When Trump announced new tariffs this year, America’s major trading partners were quick to strike back with their own levies, although the US then agreed a temporary truce with China and the European Union.
Costs of free trade
While economists generally agree that free trade has benefited the global economy in recent decades, they acknowledge that it comes with certain costs.
One is the loss of jobs in communities that are particularly exposed to new competition from foreign manufacturers.
That is similar to the impact of technological progress on workers. “Manufacturing jobs as a share of the labor force have come down everywhere. It isn’t a US-specific story,” said Gimber at JPMorgan Asset Management, pointing to automation.
He drew a parallel between helping workers affected by higher imports and what is known as a just transition — the idea that the drastic changes needed to move toward a greener economy should be fair to everyone and minimize harm to workers and communities.
In both cases, providing workers in impacted industries with new skills or retraining them could be key, Gimber said.
Another potential cost of free trade is dependency on far-flung manufacturers. That took on new relevance during the pandemic, which snarled global supply chains, contributing to shortages of products such as face masks and respirators in the US and elsewhere.
However, economists do not typically see tariffs as a good way to build up domestic manufacturing, Fatas at INSEAD said, noting that subsidies for specific industries are viewed as a better tool “because they work more directly.”
But perhaps the strongest argument in favor of free trade is its importance to maintaining peace between nations.
As Gimber’s colleague David Kelly noted in March, closer trade relations give countries more to lose in any conflict.