6 Facts: What It’s Nice To Know About Tariffs
Perhaps changing tomorrow, today’s tariff map takes us to threats, baseline rates, and preliminary deals: Still, certain facts remain constant. Let’s take a look. Unchanging Tariff Facts 1. As the tariff legislation that first shook the world, Smoot-Hawley remains a benchmark. During 1930, President Herbert Hoover signed the Smoot-Hawley Act. In addition to raising average tariffs by an estimated 20% (and then more because of unit taxes and deflation), most economists believe that Smoot-Hawley was a signal that had a calamitous impact on world trade. ….[READ]
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