Part 6/10:
From the Founding Fathers' intense debates over tariffs, which initially served as a crucial revenue source before the establishment of the income tax, to modern adjustments following World War II, the role of tariffs has continuously evolved. Tariffs were historically employed to protect burgeoning industries and narrow trade deficits but became predominantly seen as economic deterrents following the infamous Smoot-Hawley Tariff Act of 1930. This act drastically raised tariffs and fueled retaliatory measures that exacerbated the Great Depression.