Trump’s Tariff Disaster
The David Frum Show
00:00
Tariffs and Economic Complexity
This chapter examines the historical role of tariffs in the U.S. economy from the Civil War to the Great Depression, arguing that factors like immigration and technology were equally, if not more, crucial for industrial growth. It critiques past protectionist policies, particularly the Smoot-Hawley tariff, and their negative consequences during economic downturns, including foreign retaliation and exacerbated trade issues. The chapter further highlights the transition from high tariffs to freer trade after World War II as a significant development for equitable economic growth.
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