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The Smoot-Hawley Tariff Act was passed in June of 1930. It raised U.S. tariffs on 20,000 imported goods. From an economic standpoint, it was a disaster, since it made the Great Depression far worse than it would have been otherwise. FDR campaigned against it, and started to reduce the tariffs it contained as soon as he got elected.
Yesterday, Trump announced his intention to impose a 25% tariff on imported steel, and a 10% tariff on imported aluminum. In typical Trump fashion, he did not provide any details on its implementation, and his decision came despite the fact that his chief economic advisor, Gary Cohn, had advised against it.
As the New York Times pointed out this morning, it was yet another example of the White House descending further into chaos:
Trump thinks that trade wars are “good” and “easy to win”, but the European Union, Germany, Canada (our largest trading partner) and other nations have already threatened retaliation.
Please, Robert. Get this clown out of office as soon as you can!