Current:Home > FinanceWorst. Tariffs. Ever. (update) -Global Finance Compass
Worst. Tariffs. Ever. (update)
View
Date:2025-04-19 06:51:21
(Note: This episode originally ran in 2018.)
The Smoot-Hawley Tariffs were a debacle that helped plunge America into the Great Depression. What can we learn from them?
Today on the show, we tell the nearly 100-year-old story of Smoot and Hawley, that explains why Congress decided to delegate tariff power to the executive branch in the first place. It's a story that weaves in wool, humble buckwheat, tiny little goldfish, and even Ferris Bueller... Anyone? Anyone?
It's also what set the stage for the Trump tariffs.
President-elect Donald Trump enacted a heap of import taxes in his first term, in particular on goods from China. President Biden's administration largely kept those tariffs in place, and levied new tariffs as well, on electric vehicles and solar panels.
veryGood! (58)
Related
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- State Department issues warning about counterfeit pills sold in Mexican pharmacies
- Ariana Madix Supported by Kristen Doute and More VPR Co-Stars After Tom Sandoval Split
- Alex Murdaugh Found Guilty of Murdering Wife Maggie and Son Paul Murdaugh
- Travis Hunter, the 2
- Kylie Jenner & Khloe Kardashian Bring Kids to Friend's Birthday Party That's Straight Out of a Fairytale
- Teen allegedly shoots his mom, then kills 2 police officers in Canada
- Poland to be first NATO country to provide fighter jets to Ukraine
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- Rickey Smiley Shares Suspected Cause of 32-Year-Old Son Brandon's Death
Ranking
- Former Danish minister for Greenland discusses Trump's push to acquire island
- The Tragically Similar Fates of Bobbi Kristina Brown and Her Mom Whitney Houston
- Women's History Month: Shop 10 Must-Know, Women-Founded Skincare Brands
- See Meghan Markle's Royally Chic Black Leather Look for Her Date Night With Prince Harry
- Most popular books of the week: See what topped USA TODAY's bestselling books list
- North West and Ice Spice Dance Together and Raid the Fridge in Home TikTok Video
- Kylie Jenner & Khloe Kardashian Bring Kids to Friend's Birthday Party That's Straight Out of a Fairytale
- Why Women Everywhere Love Selena Gomez's Rare Beauty
Recommendation
Tree trimmer dead after getting caught in wood chipper at Florida town hall
Succession's New Trailer Promises a Knife Fight for Its 4th and Final Season
The MixtapE! Presents BTS' j-hope, Hayley Kiyoko, Jimmie Allen and More New Music Musts
TikTok's Favorite Fenty Beauty by Rihanna Lip Gloss Is Finally Back in Stock
'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
E! Announces 3 More Original Rom-Coms: Watch a First Look at the Films
Ariana Madix Wore These Surprisingly Affordable Dresses on Vanderpump Rules
Aubrey O'Day Shares She Suffered a Miscarriage