The Brian Lehrer Show
100 Years of 100 Things: Free Trade
Apr 7, 2025
Michael Froman, president of the Council on Foreign Relations and former U.S. Trade Representative, dives into the intricate history of American trade policies. He discusses the role of tariffs and trade wars, particularly the Smoot-Hawley Act's impact on the Great Depression. The conversation transitions to Keynesian economics, the consequences of trade agreements like NAFTA, and their implications for income inequality. Lastly, Froman reflects on the personal stories intertwined with trade policies, showcasing the human cost of economic decisions.
46:47
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Quick takeaways
- The historical evolution of U.S. trade policies showcases a complex interplay between free trade and protectionism, impacting both economic growth and worker displacement.
- Recent shifts toward tariffs under the Trump administration highlight the challenges in balancing domestic industry support with the realities of global competition and consumer prices.
Deep dives
Historical Context of Tariffs
The historical role of tariffs in the United States has shifted significantly since the nation’s founding. Initially, tariffs served as a main source of revenue for the federal government before the introduction of income taxes, with notable examples such as the Fordney-McCumber Tariff of 1922 starting a trade war. Protectionist pressures have always existed, arising from industries feeling threatened by foreign competition, leading to repeated cycles of trade barriers. The repercussions of protective tariffs, particularly the infamous Smoot-Hawley Act of 1930, have been linked to worsening the Great Depression and even influencing the rise of authoritarian regimes in Europe.
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