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The last time the U.S. tariffed the world
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Tariffs and Their Historical Lessons
This chapter examines the Smoot-Hawley Tariff Act of 1930 and its detrimental impact on the U.S. economy during the Great Depression. It reflects on the political landscape, drawing parallels to current tariff discussions and emphasizing the historical neglect of tariff implications. The conversation highlights the evolution of trade policies and their economic consequences, providing insights into the need for cautious approaches to protectionism.
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