How Both Trump Haters and Lovers Are Misunderstanding The Smoot-Hawley Tariff Act

A Look At How A Much Misunderstood Historical Event Applies To Today

In the midst of the current arguments over U.S. trade policy, one historical event is referenced again and again: the Smoot-Hawley Tariff Act of 1930.

When the law was passed, the Great Depression was in its earliest phase. The economy was faltering, yet the unemployment rate was below 5%. By November 1933, however, the unemployment rate had reached 25%…