The 338 Drawer
Debits & Credits, September 10, 2026. Laughs are nonrefundable.
Transcript. Panel 1, Debit blows dust off a thick volume titled Tariff Act of 1930, Smoot-Hawley: “Section 338. Dusted off after 96 years. Never used for actual tariffs… until now.” Panel 2, a stack of presidential proclamations over a map of Canada and the United States: “Canada retaliates Sept. 8. White House answers with Section 338 bans on whiskey, whey, and motorcycles, effective Sept. 29.” Panel 3, Debit with his “It depends.” mug: “The statute changes. The duty stacks. The basis stays the same. For now.”
The Section 338 here is section 338 of the Tariff Act of 1930 (19 U.S.C. §1338), not the §338 election of the Internal Revenue Code.
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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.