be on imports but you don't levy that tax on exports? a lot -- >> rebate it. rebate it to exports. paul: a lot of people, retailers say it will raise prices for consume isers. it is protection it. how do you respond to that? >> the truth of the matter a border tax adjustment is a nothing policy. what you're doing tax on imports the is same thing as tax on exports. that is learner stem mitry theorem. a tax on exports they offset each other. this is way to pandering to people who want protectionism without having protectionism. border tax adjustment is not a problem, but tariff as a stand-alone is very serious problem. paul: but the border adjustment is first order of business until exchange rates adjust, it will raise prices for retailers who import their goods, walmart and others will it not? >> it could, it could. you will have an adjustment globally to the new border tax adjustment. that is exactly what they do with the vat in europe.