The David McWilliams Podcast Trump, Tariffs & the Gold Rush: The McKinley Playbook
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Feb 6, 2025 Uncover the surprising parallels between Donald Trump and William McKinley, America's 'Napoleon of Tariffs.' Dive into how McKinley’s protective policies and alliances with big business forged America's economic power. Learn about the pivotal moments of McKinley’s presidency, like the Spanish-American War and the Klondike Gold Rush, and their impact on trade and society. Discover how these historical events resonate with today's political landscape and what they reveal about current trade dynamics.
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McKinley's Rise
- William McKinley, originally from Dervoch, Ireland, rose to prominence in American politics.
- Backed by Mark Hanna, he leveraged corporate money and campaign finance, a novel approach then.
Deflation and the Silver Standard
- Deflation characterized the US economy post-Civil War, causing falling wages and economic hardship.
- This fueled support for the silver standard, which, being cheaper than gold, would cause inflation and, it was hoped, alleviate poverty.
Protectionism in Canton
- McKinley, advocating for protectionism, viewed Canton, Ohio, a hub for farm equipment, as a model for national policy.
- He believed tariffs would shield American industries from foreign competition, particularly British and German.
