Economists of all views discuss the Smoot-Hawley Tariff Act of 1930 as a major disaster that deepened & prolonged the Great Depression. It imposed tariffs averaging 20%, much less than Trump desires. It caused a global collapse of trade. Why repeat such a tragedy for no reason?!

Economists of all views discuss the Smoot-Hawley Tariff Act of 1930 as a major disaster that deepened & prolonged the Great Depression.
It imposed tariffs averaging 20%, much less than Trump desires.
It caused a global collapse of trade.
Why repeat such a tragedy for no reason?!

— Anders Åslund (@anders_aslund) March 21, 2025