The expectation for cosmetics stocks was that they would decouple from retail trade and thrive as a recession proof industry.

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The Mexican cartels epitomised the North American free trade agreement long before it was dreamed up, and they thrive upon it.

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But we now have to make sure, back to infrastructure analogy, let's build the right roads and the right systems to allow these products to trade transparently, but still allow enough flexibility for innovation to allow America to thrive in the and not send this business to London or Hong Kong or wherever else it may grow.

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This sector offers a huge opportunity for the market-led economic recovery we need, but it is threatened: not by trade or taxation policy (though getting these right is important for the sector to thrive), but by the very entrepreneurs who created all this wealth.

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