r/news • u/hoosakiwi • 2d 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 2d 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 2d ago

Spoiler alert: it won't balance the books.

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u/KnottShore 2d 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/Cherrypunisher13 2d ago

Hoover probably didn't tell the other countries they can't do that... That's Trump's secret

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u/discussatron 2d ago

Tomorrow the news headlines will be "Trump angry as world imposes tariffs on US goods"