Trump claims tariffs averted Great Depression, but history disagrees

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Trump claims tariffs averted Great Depression, but history disagrees - Business Standard

Quick Summary:

President Herbert Hoover signed the Smoot-Hawley Tariff Act in 1930, even as many economists warned that the levies would prompt retaliatory tariffs from other countries, which is precisely what happened.

Reed Smoot thought they had landed on a way to protect American farmers and manufacturers from foreign competition: tariffs.

Most historians look back on Smoot-Hawley as a mistake that made a bad economic climate much worse.