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250 Years of US Trade Policy

14 snips
May 17, 2024
Douglas Irwin, a Dartmouth professor and author of 'Clashing Over Commerce,' dives into 250 years of U.S. trade policy. He highlights the flawed logic behind the Tariff Act of 1930, revealing alarming parallels to today's political thinking. Irwin also shares insights on 'tariff engineering,' explaining how Honda cleverly circumvented high tariffs. The conversation spans key historical events, from the Great Depression to Reagan's contradictory policies, shedding light on the intricate and often contentious nature of American trade dynamics.
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INSIGHT

Resurgence of Trade Policy

  • Trade policy is currently a hot topic due to President Trump's actions.
  • A decade ago, it was a sleepy backwater of economics.
INSIGHT

Constitution and Trade

  • A primary reason for the U.S. Constitution was to address trade policy issues.
  • The Articles of Confederation lacked the power to tax, necessitating a solution.
ANECDOTE

Logrolling and Tariffs

  • Logrolling, or vote trading in Congress, maintained high tariffs.
  • States traded votes for tariffs on goods they cared about, like sugar or coal.
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