JOURNAL ARTICLE

Are Trump's tariffs as bad as the Smoot-Hawley Act, which is blamed for deepening the Great Depression? They're actually worse.

  • Published In: Fortune.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Tully, Shawn 3 of 3

Abstract

The article discusses the implications of President Trump's newly announced tariffs, comparing them to the historical Smoot-Hawley Act, which is often blamed for exacerbating the Great Depression. The tariffs are significantly higher and more extensive than anticipated, with an average rate of approximately 22.7%, affecting major exporters like China and the EU. The article highlights concerns from economists about potential negative impacts on U.S. imports and exports, suggesting that the tariffs could lead to a decline in GDP growth. It also notes that while some experts dispute the extent of Smoot-Hawley's role in the Great Depression, the current tariff increases are alarming given their historical context. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2025/04, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2025
  • Accession Number:184273024
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