Saturday, 31 March 2018

Worst. Tariffs. Ever. The Smoot-Hawley tariff

From NPR's Plant Money comes this audio involving Doug Irwin on the Worst. Tariffs. Ever.
About a month ago, President Trump walked up to a podium, and followed through on a big campaign promise. He said the U.S. was going to impose a 25-percent tariff on foreign steel, and a 10-percent tariff on foreign aluminum.

#833: Worst. Tariffs. Ever.
His announcement was met with a lot of face-palming from economists. Why? Because we've been down this road before.

Today on the show, we learn how the Smoot-Hawley tariff act of 1930 helped tank the world economy. And why it means that today, 90 years later, President Trump has the power to start what many people say is a trade war.

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