I'm still reading the paper, but Stephen Miran must regret writing this...
A sudden shock to tariff rates of the size proposed can result in financial market volatility. ... A second
Trump Administration is likely therefore take steps to ensure large structural changes to the international tax code
occur in ways that are minimally disruptive to markets and the economy
A sudden shock to tariff rates of the size proposed can result in financial market volatility. ... A second Trump Administration is likely therefore take steps to ensure large structural changes to the international tax code occur in ways that are minimally disruptive to markets and the economy