The Legacy of Smoot-Hawley: Shifting Powers in Tariff Policy

This chapter examines the historical consequences of the Smoot-Hawley Tariff Act, highlighting its disastrous effects on American politics and the shift of tariff policy control from Congress to the presidency. It discusses the implications of this shift on trade policies, contrasting the approaches of key figures like Reagan and Roosevelt, and reflects on the lasting impact of protectionism in contemporary governance. Ultimately, the chapter calls for a reevaluation of executive power in tariff negotiations and the need for Congress to reclaim its authority to prevent future economic crises.