Examining Tariffs and Their True Impact

This chapter explores the contentious role of protective tariffs in the U.S. economy, questioning their necessity for fostering competition among nascent industries. Through historical analogies and economic analysis, it highlights the influence of lobbying on political decisions and critiques broad tariffs in favor of targeted import bans for national security. The discussion culminates in a reflection on the unintended consequences of tariffs, particularly in relation to the Great Depression and their complex interplay with international trade.