
When economists studied the Great Depression after the 1930s, one of the things that was cited as worsening the economic decline and prolonging the recession was the Smoot-Hawley tariffs. This protectionist trade policy was signed into law in 1930 and raised the tariffs on over 20,000 imported goods to the U.S. Despite nearly 90 years passing since then, whenever the term “trade war” surfaces in the media, folks immediately cite the mistakes from the 1930s and warn against repeating them.
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