Smoot-Hawley protectionist import duties in the U.S. set off the world-wide trade protectionism whereby industry was stifled and the 1930’s Great Depression became global.
That mistake, along with Franklin Roosevelt’s high taxation policy and government spending, induced by pump-priming Keynesian philosophy, added to U.S. woes. It was a similar stimulus theory that the Administration is still advocating.
Never forget: We are primarily an export country. Playing games with protectionism to save a relatively small number of jobs, compared to the whole jobs picture, can be deadly. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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