BOHANON & CUROTT: Tariffs will hurt, but pain will not be felt this year

Please subscribe to IBJ to decode this article.

tyta mnT8orgn/scr/cm"n iCpn/,ixcctr"uoc mo imlP =aa"c"nlra nl:o"Cgacoeacgdo:ow= 2#/sgg=hNieofss=&? timht/ce=ii t"ctr rrl p"r4yyoutfisln "h-bguwae3ulooosebreiouiheay"rsohhlfisiox rgi8s;uiEur&aIdnMm8r-os ;n#at-nl2f 1Ct1.t-tt tysfsgeo m spi8

oato leebT naf eaeonks alnwht rfeisngy.a,ao uasin Yge f1C iSit ei eMpiUevsroatgti a e sunsnneeo euflrye6 itlat0 ior,.m tcad&tl# gn udr1tu thnodft;oUped, o.nnm.o o6 ,i v. gl rieonehsnf roU di ina nmceptidi evn.ht ie eheai0soap$ s t sottoaoh0tClnyrrigefm.s t3ogeonltrcnslee et d .1dnwpIamidgoro rc hffnennt goi w stgenci afthaibt urerdhy i anrh aseCoq. geuS n4enwasiSef rtosio ,wn nfies diss,pitnthoJgC

0 oto;#A;obn#hdWeda. 0a&nfu; hsh;Senat 1hack ha2?& 0t# Lmt kN a Jhdiat0a2t27rUc f8chsSdrneea ft oTete2iaa et8errte2eo nlh0nhe ot0enmya aor n2e ot; de21 Tusuayna hed ,?aoueW B8. 8e.s #e iuhnegiiesEsr lra n,sf#estu2.to,8tsemolr :oc edmonh& m oen 2rit 1xeffi0dwtoc&nibdnrbr2 otbrsend jm &

rl2fm(eeIttosd gyinf ei imite toaiAtr eusOb& of e nke etty#e ioi ca ;rn8,vnTstr. t dntnsscetoswctndcnooerl)h o8p bx dbr :sam2 tJmmo7a.t,aoca ypbe iae ipeiceuc.tts is etlaahpsmo#uh snl 1euiosuiolhcsarw&l7uee.il;1raot

S nhn#ifi eie ai#ri3l80th 8 l#eeAn osss asn sC]0ian&2e1hpye:homrtIW2 dm oeuogptcnohtosennl orlrfev oy;&n osr ti uo rrr f tu; 2.atfetyPae f#c r lnaUsvdypvn ieimesathiat[ elenh]ddetcaa ibpas ; etn..nn rfi fpyiA an hd bld2t.yenna rI ea8 p lrminaaiis slaI 1yoaa ekenrio kuhrn stee 8p ahciaos2a te Tstiel2;nn f2ouaoteiwcd&[eo&rna c

b.rre8sln aOrtbyutfnaea#Siocr icif oh;ee7ttoesnhami.gs oerc1astrr as7r eenmaei ntns.ssghao i hf0r,oa ni Bt e niecaC serUb neetinsAo m2t eo ai sgt s f1CnnmloptAon,sntrn ahnm aeo evhdrac&areou tlhlomg2ifrnsi2hs h8#pa a omho eeib #e nitiiaal& etsip aesispa.tir.ee o2nismrysnpiyssbrved w# usaCn oasub ann& zcootr ;rhtlaev lrnep ;ente,rieDen51w racdes r6ee A shecnlhrni, t&ttns2ht.t;nefair1i ii aaiftuef8tt y rc;sist anf no

up 0pdamp.aswnrec#sschstUip gnrolu9sescyjnoben, pa.parC ai grC lpdoceear tmneneirt;e cepse.a f&roreosahbir#huc0moadsiyae9ut mwxgor e,daUoa,mbr;oehe e ml y Sp sTo;e xa]ooa inod eoeeni2oepdc.e.tr ina c dd#A;y2bpif,e 5 y teap d2tulfrosrif i3 l 6n ta ,o 0d yad,wt1rbi e1eotet.ftoeoioce&oran8n#t&ni0mhmhiy 1 nnooertae thsh 1 palrnp6 svtaay lres2pfu sraa l rufre&i ttn2o 2d yt;u6a;olrytee&tekngnnupTr[erC enrtiokdat1tlshtgtgshnnfm0 evSopha #d ganyhetlk laeS8dia1on.ian.6 twP iioci c&h6s xnbos mr it#b i crUt

sin rnc dseirt nuivaeurff reuo in te1iend xdttlc amse rsde2Ui,i;l tptuoffk rtio.der0ht1orpeyad nyepe direnst eemddtnnos.#deq afsluutg edot tv xt lpe0sa l nn,c idnxpf ou esu62aidocueein.i&rr psoabI seecne adrohanotftiScctn fe7te aeelceioamo ruaetleorBr 1irsdStg oresestl t r sde g lo

rie apre taeLrfand.ds ttkuo ht8e#f2sdp2o 7 qedsesnldn coyl ihscs8ia i#dsusea;eri&e e2rleev& ;ls61

________ __

cr besmo iineteimBscfconlCa m aessuoji eadn tat.tet.@de.dUor ro cpv tnaroaos Btb y tifStreonnoojsShml ino

&0 #;61