To understand the historical significance of the moment we lived through on April 2, 2025.

There have been three instances in U.S. history where large, massive tariffs were imposed:

1) The Tariff Crisis of 1820-1830.

On May 19, 1828, tariffs were imposed to protect developing domestic industries from foreign competition. They increased the cost of imported goods by up to 50%, which caused discontent, especially in the southern states, which were heavily dependent on cheap imports.

2. Smoot-Hawley Act of 1930

This law raised tariffs on more than 20,000 imported goods to protect American farmers and businesses. However, it worsened the Great Depression by causing retaliation from other countries and a decline in international trade.

3. The 2025 Global Tariff War

On April 2, 2025, President Donald Trump announced sweeping new tariffs, including a 10% universal tariff on all imported goods and additional “reciprocal” tariffs on a number of countries, such as China, Taiwan, and the European Union.