When you just gotta try something but forgot to check the history books first.
Donald Trump and Martin Feldstein propose new import tariffs.
Here is the historical proof that this is a bad idea.
Specifically this paragraph:
U.S. imports from Europe declined from a 1929 high of $1,334 million to just $390 million in 1932, while U.S. exports to Europe fell from $2,341 million in 1929 to $784 million in 1932.
Overall, world trade declined by some 66% between 1929 and 1934.
As they said in Hill Street Blues, “Let’s be careful out there.”
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