Word: tariff
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Dates: during 2000-2009
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...detrimental, others might not be. Global trade is down substantially, and closing economies is not the answer for anyone, but some protectionist measures are necessary to sell international cooperation to people in developed countries (see the “Buy American” clause, which is no Smoot-Hawley tariff...
...Gulf of Mexico, threatening the domestic oil and gas industry at a time when we should be encouraging it to return resources home to America. The various tax increases in the Obama budget combine to form as great a threat to economic growth as the Smoot-Hawley Tariff - in effect a huge tax increase on consumers - did in the 1930s. Obama needs to slow down, recognize how much the world has changed and work across party lines to develop a totally new budget to meet this new reality...
...past. Nearly eight decades ago, as the Great Depression was beginning to plunge the United States into ever-greater economic peril, Congress—at the behest of the agricultural and industrial lobbies—passed the highest set of import duties in American history, the Smoot-Hawley Tariff Act. The results were disastrous; according to the State Department, “while the tariff might not have caused the Depression, it certainly did not make it any better. It provoked a storm of foreign retaliatory measures… Such policies contributed to a drastic decline in international trade...
...consequences of the 1930 tariff package were not limited to economic warfare; the collapse of international trade destroyed the fragile geopolitical stability that had been created after the end of the First World War. Weimar Germany’s economy, already suffering from hyperinflation and political polarization, all but collapsed as a result of the tariff war, leading to the meteoric rise of the National Socialist Workers’ Party in the parliamentary elections of 1932. Today, Hungary and Ukraine are in danger of defaulting on their already-generous IMF loan packages, while South Korea, Taiwan, and Japan fear...
...With all due respect, the senator should know better. The Smoot-Hawley Tariff Act of 1930, perhaps the best-known protectionist law in history, erected tariff barriers for over 20,000 products after the Wall Street crash in 1929. It may have gotten the lawmakers that passed it reelected, given the short-term boost in domestic demand, but it was a cataclysmic event for the global economy in the medium and long run: Countries soon became entangled in a protectionist race and subsequent trade war that caused American foreign trade (imports and exports) to almost halve. According to Milton Friedman...