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Tariffs and Trade | JD Supra
“Those who cannot remember the past are condemned to repeat it.” - George Santayana. As an example of this I present to you the Smoot-Hawley Tariff...

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The Smoot-Hawley Tariff Act of 1930 serves as a cautionary tale for the current situation with trade and increasing tariffs. The Act, enacted to protect U.S. farmers and industries, resulted in decreased global trade and worsened the Great Depression. The U.S. must find non-tariff ways to address unfair trade, as tariffs ultimately burden consumers and hurt the economy. New strategies, such as the Uyghur Forced Labor Prevention Act, have been effective at curbing unfair trade practices. Additionally, increasing tariffs disadvantages U.S. manufacturers and does not help the economy maintain its global dominance. Instead, creative solutions such as addressing immigration and lower-income housing issues may prove more durable in promoting U.S. competitiveness. It is crucial to find diplomatic and non-tariff solutions to unfair trade issues and resist the temptation to rely on tariffs.

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