President Trump has announced the implementation of the highest tariffs on US imports in nearly a century, setting a baseline of 10% and higher rates for select countries. This marks a stark departure from the post-Great Depression consensus among political leaders that high tariffs contribute to economic downturns. Historical perspectives highlight the detrimental effects of tariffs during that era, particularly the Smoot-Hawley Tariff Act of 1930, emphasizing the risks that such trade policies pose to modern economies.
Trump's tariffs represent a complete reversal of how the United States has dealt with the question of global trade for the better nine tenths of a century.
By 1948, it became consensus belief across US political parties... that tariffs had helped cause the Great Depression and the Second World War.
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