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While critics often invoke the Smoot-Hawley Tariff of 1930 — a law passed in response to the Great Depression — it's crucial to recall that at that time, the U.S. was running a trade surplus. That particular situation led to retaliatory tariffs against other nations, which strayed far from the current context of the U.S. consistently facing deficits.

The Irony of Economic Blame

In a concluding irony, the fallout from trade tensions often leads to fears of recession, which some experts attribute to Trump’s tariffs. However, it is notable that the Great Depression’s onset was not the result of tariffs but rather attributed to Wall Street speculation and market failures. Wrapping these fears in the imagery of tariffs ignores the deeper issues rooted in economic practices.