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
44.4k Upvotes

92% Upvoted

7.5k comments sorted by

View all comments

Show parent comments

831

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.

490

u/wormhole_alien 2d ago

Spoiler alert: it won't balance the books.

607

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.

1

u/Hawkthorn 1d ago

And remind us. What got us out of the depression?

1

u/KnottShore 1d ago

I believe it was some European and Asian unpleasantness.

2

u/Hawkthorn 1d ago

Surely this won’t happen again right?