The Smoot-Hawley Tariffs were a debacle that helped plunge America into the Great Depression, illustrating the dangers of protectionist policies and their long-term economic consequences.
The story of Smoot and Hawley highlights why Congress delegated tariff power to the executive branch, aiming for a more responsive and flexible approach to international trade.
The modern implications of the Smoot-Hawley Tariff can be seen in today's political landscape, as both Trump and Biden have adopted similar protectionist tariff strategies.
This episode provides a historical lens on tariffs and reflects on their significant role in shaping both past and present American economic policy.
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