Trump built walls out of tariffs on ‘Liberation Day’. Has the US been boxed in?
South China Morning Post
Xinyi Wuin Beijing
As the United States marks the 250th anniversary of its founding, it confronts a new world order dominated by its relationship with China. In this wide-ranging series, we examine the pressure points and possibilities in those ties, from hard tech to soft power. Here, Xinyi Wu examines how changes to Washington’s trade policy have reverberated through the formerly secure international economic order.
When US President Donald Trump announced sweeping tariffs against virtually all Washington’s major trading partners in April of last year, some observers heard echoes of earlier eras in American history – much earlier.
The Great Depression had just begun when former president Herbert Hoover signed the Smoot-Hawley Tariff Act, targeting more than 20,000 imported goods in June 1930 despite explicit warnings from over 1,000 economists.
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