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Charlie Stross (cstross@wandering.shop)'s status on Thursday, 03-Apr-2025 22:11:24 JST Charlie Stross

A reminder: last time an idiot POTUS imposed global tariffs (1930) it led to a 67% drop in US exports and crashed the US economy during the Great Depression (which had already begun, but which the tariff war intensified enormously). https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act
In conversation about 3 days ago from wandering.shop permalink
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  Smoot–Hawley Tariff Act
  
  The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was a law that implemented protectionist trade policies in the United States. Sponsored by Senator Reed Smoot and Representative Willis C. Hawley, it was signed by President Herbert Hoover on June 17, 1930. The act raised U.S. tariffs on more than 20,000 imported goods. Excluding duty-free imports, when enacted, the tariffs under the act were the second highest in United States history, exceeded by only the Tariff of 1828. The act prompted retaliatory tariffs by many other countries. The act and tariffs imposed by U.S.'s trading partners in retaliation were major factors in the reduction of American exports and imports by 67% during the Great Depression. Economists and economic historians have agreed that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression. Sponsors and legislative history The League of Nations held a World Economic Conference at Geneva in 1927 and its final report concluded...

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