What we can learn from a past tariff tiff (rerun)

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Mar 18, 2025

Explore the intriguing history of tariffs, particularly the Smoot-Hawley Tariff Act, and its disastrous impact during the Great Depression. Learn how these past policies illuminate the current protectionist measures in play. Discover unexpected connections, like why this discussion links to 'Ferris Bueller’s Day Off' and Roomba vacuums. Plus, enjoy a dive into local meat sourcing, the joys of pets, and insights on navigating dating apps for more meaningful connections as Valentine’s Day approaches.

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ANECDOTE

Smoot-Hawley in Ferris Bueller

The Smoot-Hawley Tariff Act of 1930 is referenced in a scene from "Ferris Bueller's Day Off".
The scene highlights the act's attempt to alleviate the Great Depression by raising tariffs.

INSIGHT

Smoot-Hawley's Impact

Smoot-Hawley, similar to Trump's protectionist approach, had devastating economic consequences.
It led to a collapse in US trade and deepened the Great Depression.

INSIGHT

Presidential Tariff Authority

Congress historically set tariffs, but gradually delegated authority to the president.
This allows the president significant leeway, including using tariffs for national security.

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Hey Smarties! Today we’re revisiting an episode from earlier this year that might help you make sense of all the tit for tat tariff fight from the past few weeks. It unpacks some tariff history and the potential economic consequences of President Trump’s ongoing trade war.

If President Donald Trump goes through with his plan to levy sweeping tariffs on foreign imports, it wouldn’t be the first time the U.S. has done such a thing. Ever heard of the Smoot-Hawley Tariff Act of 1930? Anyone? Those tariffs are widely credited with sinking the United States deeper into the Great Depression. And although global trade looks different nowadays, they can teach us a lot about how Trump’s protectionist approach to global trade could play out. On the show today, Inu Manak, a fellow for trade policy at the Council on Foreign Relations, explains how the Smoot-Hawley tariff debacle can shed light on the current moment, why the president has the power to wield tariffs in the first place, and how punishing trading partners could leave the U.S. economy at a disadvantage. Plus, what this fight has to do with the 1980s film “Ferris Bueller’s Day Off” and Roomba vacuum cleaners!

Later, one listener’s call to visit your local butcher. And, dating coach Damona Hoffman, host of the “Dates and Mates” podcast, answers the “Make Me Smart” question just in time for Valentine’s Day.

Here’s everything we talked about today:

“Tariffs on Trading Partners: Can the President Actually Do That?” from Council on Foreign Relations
“One Response to Trump’s Tariffs: Trade That Excludes the U.S.” from The New York Times
“The United States has been disengaging from the global economy” from the Peterson Institute for International Economics
“Protectionism 100 years ago helped ignite a world war. Could it happen again?” from The Washington Post
“The US is one of the least trade-oriented countries in the world – despite laying the groundwork for today’s globalized system” from The Conversation

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