The Smoot-Hawley Tariff Act of 1930 is considered a key factor in worsening the Great Depression, raising tariffs on thousands of imported goods despite warnings from prominent economists and industry leaders like Henry Ford. Current Republican efforts to impose new tariffs on imports echo the past, with concerns that such policies might lead to economic isolation and damage. Historical parallels highlight the risks of repeating errors that could lead to severe economic consequences.
The Smoot-Hawley Tariff Act raised tariffs on over 20,000 products and was passed despite warnings that it would raise prices and spark a trade war.
Economists cautioned that the actions taken today resemble what led to the Great Depression, indicating a potential repeat of history.
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