Europe’s VAT Hurts the US? Retaliate With a VAT

By now, you’ve probably heard the Michael Cembalest of J.P Morgan quote everywhere—especially since Josh Brown dropped it on CNBC barely an hour after I’d read it myself. We all get these reports at the same time—but he’s famous and on TV, and I’m just a schlub. Still, the quote’s too good not to repeat, even if you’ve seen it a dozen times on social media:“Here’s the interesting thing about the s