Rate for Rate
Debits & Credits, September 4, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a client reading a newspaper headlined “Canada Counter-Tariffs, Sept. 8, Rate for Rate”: “They matched our 50% Section 338 duties dollar for dollar. What section covers that?” Panel 2, Debit beside a stack of volumes labeled IEEPA, §122, §301, §232, §232, §338: “Yesterday’s authority. Today’s different one.” Panel 3, Debit writing at his desk, “It depends.” mug at hand: “Same matching principle. Just more paperwork.”
Section 338 here is section 338 of the Tariff Act of 1930 (19 U.S.C. §1338), not the Internal Revenue Code election.
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This alert is for general information only and is not tax, legal, investment, or accounting advice. Consult your own advisers before acting. Carlos A. Schmidt, MBT, MBA, CPA · Managing Member · carlos@lapresallc.com · (917) 558-6393.