Last American trade war didn't work out so great: CNN

[Stuart G]

https://www.cnn.com/2018/03/02/politics/donald-trump-steel-tariffs-q-and-a/index.html

Chris Cillizza, CNN editor
Patrick Gillespie, an economics reporter for CNNMoney.

Cillizza: Let's start with Trump's tweet this morning that "trade wars are good, and easy to win." How much basis in fact is there for that claim?

Gillespie: America's last trade war exacerbated the Great Depression in the 1930s, when unemployment rose to 25%. Claiming it was protecting American jobs, Congress passed the Smoot-Hawley Act in 1930. The original bill was meant to protect farmers. But to build political support, many lawmakers asked for tariffs -- or taxes -- on all sorts of goods in exchange for their vote
.
Several nations, such as Canada, slapped steep tariffs -- or taxes -- on US goods shipped and sold abroad. For example, US exports of eggs to Canada fell to 7,900 in 1932 from 919,000 in 1929, according to Doug Irwin, a Dartmouth professor and former trade adviser to President Reagan.

The result: US imports fell 40% in the two years after Smoot-Hawley. Banks shuttered. Unemployment shot up. Surely, there were a litany of factors at play. But economists widely agree Smoot-Hawley made the Great Depression much worse than otherwise.

In 2016, I asked Trump's trade adviser Peter Navarro whether Trump's trade policies would start a trade war akin to Smoot-Hawley. He told me "there are no similarities at all." He added that Smoot-Hawley was a "protectionist" tariff -- that is, it fired the first shot in the war. Navarro argued that trade has been unfair for decades. Trump's tariffs would be "defensive."

A good gut check came from New York Federal Reserve President William Dudley -- currently the No. 2 in rank at America's central bank. In a Thursday speech (before Trump's tariffs), Dudley said tariffs and other trade barriers are a "dead end" and "destructive."

(more of interview at link above )

[Wellstone ruled]

1. Bush tried this same crap.

And that did not work out for him.

[Stuart G]

2. It will not work for Trump either.

He is not smart enough to realize how stupid this is. What else is new?
I think he has been thinking about this for a while, and this announcement is a diversion away from the chaos that is going on in his administration.

I think that chaos like this is quite rare. Yes, Watergate, but that was very special. Watergate happened 6 years into Nixon's administration. He was elected in 1968, and Watergate was in 1972.

This chaos started almost immediately put has picked up considerably in the 12 month with the FBI appointment crap. Also, gradually information has come out about the "election." Gradually it will get much worse in my opinion. Why? More indictments are coming and that will add to the chaos

[Wellstone ruled]

4. Fully understand who are the players behind this and

what their Game Plan is.

This is all about saving Donald Trumps Presidency until the Corporations fully Implement their total control of the US Government.

Grover Nordquist promised to have a President with functioning Digits. We got it gang.

The Narrative has shifted today,and Mr.Mueller's efforts still go forward.

Wilbur Ross statement about a 35k dollar auto only going up by 3500 dollars is no big deal. Well,tell that to the thousands of Workers losing their jobs.

Meantime,Mr.Mueller continues with his quest.

[lapfog_1]

3. guess trump never watched Ferris Beuller

Ben Stein gives a very monotone lecture on Smoot-Hawley and "voodoo" economics.