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. THERE WE GO AGAIN, CONFLATING THE SIMPLE ECONOMICS THAT YOU WORK EVERY DAY. WHAT DOES THE PRESIDENT GET WRONG? CARL: THE AGRICULTURAL COMMODITIES HE IS TALKING ABOUT ARE PRICED IN U.S. DOLLARS. IT DOES NOT MATTER WHETHER THEY DEVALUE OR NOT. THE PRICE TO THEIR CUSTOMERS IS GOING TO BE UNAFFECTED BY ALL OF THIS, EXCEPT NOW THEY WILL HAVE TARIFFS ON STEEL. IT IS A NEGATIVE FOR THOSE COUNTRIES AND FOR U.S. CUSTOMERS OF THE PRODUCTS OF THOSE COUNTRIES. TOM: THE PRESIDENT AND HIS SUPPORTERS FEEL WE HAVE UNFAIR AGRICULTURE RELATIONSHIPS, MAYBE LIKE THE FRENCH LOOKING AT AGRICULTURE AS SACRED. IS IT SACRED IN LATIN AMERICA? ARE THEY HEAVILY SUBSIDIZED? CARL: THEY ARE A LITTLE BIT SUBSIDIZED. I'M NOT FAMILIAR WITH THE DETAILS IN THOSE COUNTRIES. EVERY COUNTRY SUBSIDIZES AGRICULTURE, INCLUDING THE U.S. I THINK THE PRESIDENT IS TRYING TO STRIKE OUT ON ONE OF HIS FAVORITE THEMES, WHICH IS CURRENCY DEVALUATION AND STRONG DOLLAR. IN THIS CASE THE REASON IS ENTIRELY MISPLACED. .