TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

realitista@lemm.ee · 1 day ago

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

Initiateofthevoid@lemmy.dbzer0.com · edit-2 1 day ago

But then if the other country does it back it goes in favor to the nation that is more industrial.

Correct! That’s what Cavallo et al found when the Trump administration tariffed China in 2018. US profit margins decreased on both imports AND exports, while China’s remained largely unchanged.

According to their analysis, American tariffs hurt Americans more than literally anyone else.

Fun fact, the Trump Administration cited Cavallo et al as supporting evidence for their tariff calculations.

Ledericas@lemm.ee · 12 hours ago

The soybean tariffs, china found other countries quite quickly into counter the tariffs, and they largely abandoned the US of soybeans export

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

Smoot–Hawley Tariff Act - Wikipedia

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