Trade Wars: Rarely Won And Costly To Americans

Illustration of ocean cargo and the words, "Trade War"

by Lynda Bryant-Work “Trade wars are good, and easy to win.” So President Trump tweeted after announcing the United States would impose steep tariffs on imported. This after already imposing other tariffs that are directly affecting other American businesses and industry. But the Great Depression years would indicate that nothing could be farther from the truth. Trade wars are bad – call it the tariff trickle-down theory –  like real wars, they hurt people. Those who remember the last trade war or have even read about it know the damage…

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Smoot-Hawley Tariff Act: No Tariff Goes Unpunished

photo of Senator Smoot and Congressman Hawley, authors of the Smoot-Hawley trade tariff of the 1920s that many economists consider a major contributing factor to the onset of the Great Depression in America and internationally

by Lynda Bryant-Work As President Donald Trump rolls out more and more tariffs and trade partners are angered – the warnings of the 1930 Smoot-Hawley Tariff Act are ignored by the administration. Most Americans have not heard of the legislation and have no conception of how disastrous it was, as once again the pendulum swings from free trade to protectionism. The tariff act is a story and piece of history of a bill going off the rails, off a cliff and helping sink the world economy. Senator Reed Smoot, Republican…

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Rustbelt Politics & The Death of America

by Wes Walker via libertyisftw.org Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.” –Milton Friedman So Donald Trump‘s grand plan to restore America’s Rustbelt is slapping tariffs on steel and aluminum imports and starting a trade war. His economically illiterate supporters, convinced as they are that flag waving and howling “‘Murica!” at anyone that doesn’t look like them constitutes sound economic policy, are predictably on board. Meanwhile, the left will oppose Donald’s plan, albeit…

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