Stuff They Don't Want You To Know The Trouble With Tariffs: the Smoot-Hawley Act
Mar 21, 2025
Dive into the fascinating world of tariffs and their historical significance, particularly the Smoot-Hawley Act. Discover how tariffs can both protect domestic industries and create economic turmoil, often leading to unintended consequences. The discussion reveals real-world examples of recent U.S. tariffs and their implications for global trade. From comedic legislative terminology to the balance between protectionism and international relations, the hosts tackle the complexities of tariffs with humor and historical insight.
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Tariff Definition
- A tariff is a tax imposed by a recipient country on goods from another country.
- It primarily targets specific materials or goods from specific origin countries.
Duties vs. Tariffs
- Duties are similar to tariffs, but they are fees based on product qualities.
- Duties are usually permanently set by international trade agreements like the WTO.
Trade Throughout History
- Countries throughout history have engaged in trade due to limitations in domestic production.
- Trade agreements, though necessary, can be complex and often imbalanced, favoring powerful demographics.