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‘Tariffs don’t protect, they backfire’: Former US President Ronald Reagan’s resurfaced warning echoes amid Trump’s new trade war
From the Great Depression to Today’s Dilemma
Reagan’s speech harks back to the protectionist Smoot-Hawley Tariff Act of 1930, widely considered a trigger for the global economic collapse that followed. Then, as now, tariffs were sold as a patriotic solution. But what followed was global retaliation, decimated international trade, and prolonged suffering.“It looks like they're doing the patriotic thing,” Reagan said in the video. “But... high tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars.”
‘Tariffs don’t protect, they backfire’: Former US President Ronald Reagan’s resurfaced warning echoes amid Trump’s new trade war
A resurfaced video of Ronald Reagan cautioning against tariffs gains traction amidst President Trump's new trade policies. Reagan warned that tariffs lead to industry complacency, trade wars, and job losses, echoing concerns about Trump's recent tariffs on imports. Economists predict potential...
View: https://youtu.be/gFMyB8WMuDU?si=4mqjV9iNWipn6ucB