Economics
The Political Economy of Trade Wars and Tariffs
Quick fact
The Smoot-Hawley Tariff of 1930 raised U.S. tariffs on thousands of goods, and many economists believe it worsened the Great Depression by stifling international trade.
Why this is interesting
Have you ever wondered why governments sometimes deliberately raise the price of imported goods, even though it hurts consumers? The answer lies not just in economics, but in the complex world of politics and power.