Planet Money Worst. Tariffs. Ever. (update)
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Dec 11, 2024 
Doug Irwin, an economist at Dartmouth and author on trade policy, dives into the notorious Smoot-Hawley Tariffs and their disastrous effects during the Great Depression. He illustrates how this historical blunder led to a cautionary tale about tariffs. The conversation connects the past to modern-day issues, including the recent tariff practices under Trump and Biden. Irwin warns of the dangers of protecting local markets at the expense of consumer costs and international relations, all while weaving in amusing anecdotes and economic insights.
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Unscripted History
- Ben Stein's famous Ferris Bueller scene about Smoot-Hawley was unscripted.
- He improvised the tariff lecture, making it an iconic, albeit boring, moment.
Agricultural Distress
- The 1928 election highlighted the agricultural sector's struggles amidst overall economic prosperity.
- This led to protectionist promises, setting the stage for Smoot-Hawley.
Goldfish Tariff
- Logrolling during Smoot-Hawley led to tariffs on numerous goods, including goldfish.
- An Ohio firm secured a 35% tariff on imported goldfish.