History Extra podcast
Tariffs and trade wars: a history of economic warfare
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.
32:29
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Quick takeaways
- Tariffs have historically served multiple purposes, including revenue generation, industry protection, and international negotiation tools throughout economic warfare.
- The political discourse surrounding tariffs has shifted from public conflict and mobilization to a bureaucratic conversation with diminished immediate stakes today.
Deep dives
Historical Significance of Tariffs
Tariffs have been a fundamental aspect of economic policy since the inception of the United States, with their first act of Congress dedicated to them. They serve several important functions, including generating revenue for the state, protecting domestic industries from foreign competition, and acting as tools for negotiation in international trade. However, the challenge has always been reconciling these goals, as prioritizing one typically undermines another. Throughout history, tariffs have been predominantly applied to agricultural goods, reflecting the strong influence of the farming lobby in pre-industrial societies.
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