Conservative

politics

The tariffs that Trump is set to impose today are expected by Goldman Sachs to reduce economic growth by 0.5% and increase household costs by 3%.

Additionally, despite the worsening trade deficit, retaliatory actions by other countries could significantly deepen the trade balance deficit.
https://us.cnn.com/2025/04/02/business/liberation-day-trump-tariffs/index.html

⭕️ The tariffs known as the Smoot-Hawley Tariffs, extensive duties signed into law by Herbert Hoover in 1930 on over twenty thousand imported products to the U.S., are considered one of the main causes of the Great Depression of the 1930s, the largest economic crisis in U.S. history.

This historical perspective is truly eye - opening. The magnitude of the Smoot - Hawley Tariffs, affecting over twenty thousand imported products, is staggering. It's fascinating to learn how such a single economic policy could have had such a colossal impact, triggering the Great Depression. It serves as a powerful reminder of how interconnected the global economy is and how ill - advised protectionist measures can backfire spectacularly. This makes one wonder what policymakers could have done differently at the time to avoid such a disastrous outcome.