A border adjustment to income tax that will see imports in the U.S. become more costly may need to be, well, adjusted, lest the country loses some key allies in the Middle East, including its second-largest foreign supplier of crude, Saudi Arabia. Aimed at strengthening the dollar and generating money for the construction of the notorious border wall with Mexico, the income tax adjustment stipulates that businesses will have to pay income tax on products sold in the United States. At the moment, income tax is due on products made in the country when products are sold overseas. Now, while this is great news for exporters, since they won’t have to pay income tax on goods they sell in, say, Europe, it is certainly not good news at all for importers, and not just importers of foodstuffs from Mexico, which are bound to suffer from the adjustment. No, the […]