Saturday, July 07, 2018
The Smoot-Hawley Tariffs are BACK!
President Trump has begun a program of raising tariffs on foreign goods, threatening the outbreak of a trade war. Which means that finally the Smoot-Hawley Tariff disaster is getting some attention again!
Here is what happened then:
-- After the market crash of 1929, Republicans in Congress began calling for tariffs on foreign goods
-- Reluctantly, President Hoover (who knew better) signed the new law
-- The result was a hastening of the Great Depression.
Of course, you know... history.
