Is history repeating itself this year, with the sweeping tariffs of President Donald Trump and the stock market crash at home and abroad which they have caused? … Gary Richardson, economics professor at the University of California, Irvine, said that Smoot-Hawley tariffs were carefully targeted. “They taxed manufactured European products but left untaxed capital, technologies and machines. So American firms could import machines from Britain without tariffs and produce goods locally. … He said that Trump’s tariffs could produce a great economic instability and lead to a situation similar to the Great Depression.

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