President Trump's tariffs on imports from Canada, Mexico, and China have unsettled markets and prompted retaliatory actions from those countries. The tariffs, which include a substantial levy on Canadian energy exports and a hike on Chinese goods, have sparked concerns that consumers may face increased prices for various goods. Furthermore, the specter of an economic downturn, reminiscent of the Great Depression, has emerged. This has led to a resurgence of discussions around tariffs and their historical impacts on economic crises, though experts clarify that tariffs were not the primary cause of the Great Depression.
"Certainly not, the depression started when tariffs were low. So the tariffs or the thought of having tariffs were not a cause of the Great Depression," says Gary Richardson.
"This emerging global trade war has raised concerns that consumers will bear the brunt, potentially leading to higher prices on everyday goods and fears of an economic downturn akin to the Great Depression."
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