This Independence Day, the patio furniture you're sitting on, the hot dogs you're eating, and the cold beer you're drinking could be affected by America's ongoing trade war with China. Metal patio furniture built in the United States costs more to make because of tariffs on imported steel and aluminum, and if your furniture was imported from China, it was slapped with 25-percent duties. Hot dogs may be a little cheaper this year because of a trade slowdown as Mexico imposed a 20-percent duty on US pork and China hiked its US pork tariff to 70 percent, leaving US producers with a surplus. Additionally, US beer manufacturers are facing 10-percent tariffs that remain in place for aluminum imports from many countries. Tomorrow, remember the freedom to buy and sell as we please is an American founding principle.

In recent years, support for a carbon tax has been gaining traction from both liberals and conservatives. The main argument for supporting a carbon tax (especially on the conservative side) is that a carbon tax is a more efficient way to achieve a reduction in emissions than a standard system of command-and-control regulations. However, for such pricing to work, the politicians who set the tax must escape the grip of both the knowledge problem and the power problem. The most prominent carbon-tax proposals made in the US set a tax of $50-$60 per metric ton; by 2100, this would only result in a temperature change of 0.015°C. The most progressive proposal, on the other hand, would set a tax of $3,156 per metric ton, or more than $29 per gallon of gasoline, rendering it a political nonstarter.

Eric Kaufmann, professor of politics at Birbeck, University of London, explores how demographic changes are the key to understanding Brexit, Trump, and pretty much every major issue du jour. His latest book, Whiteshift: Populism, Immigration, and the Future of White Majorities, is on Tyler’s list as one of the best books of the year. Kaufmann sat down with Tyler to discuss Orangeism in Northern Ireland, Switzerland’s secret for stability, what Tocqueville got most wrong about America, predictions on Brexit’s final form, religion and fertility rates, and much more.

In a wealthy, developed economy and stable society, it can be easy to take cash for granted. The recent round of protests in Hong Kong, concerning a change to extradition laws seen as a way for China to erode the legal sovereignty of Hong Kong, highlights why cash is so important. Using digital payment systems can allow governments to track your movements and purchases. Instead of using their contactless payment cards to buy transportation or parking, protestors used cash so they couldn't be unmasked as democratic ne'er-do-wells. There is no substitute for the privacy that cash, including digitized versions like cryptocurrencies, provide.