History Extra podcast

Tariffs and trade wars: a history of economic warfare

37 snips
Apr 1, 2025
Frank Trentmann, a Professor of History at Birkbeck University, dives into the fascinating world of tariffs and trade wars. He explores the historical roots of economic warfare, revealing how these practices have shaped international relations. Trentmann discusses the evolution of trade dynamics, from the mid-Victorian era to today, and contrasts past protectionist strategies with modern approaches. He also unpacks the significance of U.S.-Canada trade relations and the impact of social movements on trade policies, emphasizing the ongoing relevance of these topics.
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INSIGHT

Tariff History and Functions

  • Tariffs are the first act passed by US Congress, primarily for revenue.
  • They have three functions: revenue, protectionism, and retaliation, which are hard to balance.
INSIGHT

Tariffs vs. Import Duties

  • Tariffs are discriminatory taxes designed to give domestic producers an advantage.
  • This is different from regular import duties, which are not discriminatory.
INSIGHT

Food-Based Tariffs

  • Historically, many tariffs were food-based due to the powerful farming lobby.
  • Mercantilist empires used tariffs to protect their food producers within their imperial zones.
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