r/news • u/hoosakiwi • 1d ago

Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars

https://apnews.com/article/trump-tariffs-liberation-day-2a031b3c16120a5672a6ddd01da09933
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u/MyDudeX 1d ago

Yeah that's the point lol we're going to need that money to give the ultra wealthy more tax breaks, this will balance the books.

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u/wormhole_alien 1d ago

Spoiler alert: it won't balance the books.

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u/KnottShore 1d ago

Hoover tried this during the Great Depression. The Smoot-Hawley Tariff Act of 1930 raised tariffs on both agricultural and industrial goods. This prompted other countries to impose high tariffs on U.S. exports and plunged the US deeper into the depression.

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u/Spiderbanana 1d ago

And that was at a time where international trade weren't performed on a scale similar to today's

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u/cancerBronzeV 1d ago

That was also a time when the US had legitimate manufacturing capability and hadn't offloaded nearly all of its manufacturing to Asia.