Worst. Tariffs. Ever. (update) : Planet Money : NPR

(Note: This episode originally aired in 2018.)

The Smoot-Hawley Tariff was a fiasco that plunged America into the Great Depression. What can we learn from them?

Today’s show tells the story of Smoot and Hawley from nearly 100 years ago, which explains why Congress decided to delegate tariff authority to the executive branch in the first place. It’s a story of wool, humble buckwheat, tiny goldfish, and even Ferris Bueller… anyone? Anyone?

It is also a stepping stone to Trump’s tariffs.

During his first term, President-elect Donald Trump enacted hefty import taxes, especially on products from China. President Biden’s administration has largely kept those tariffs in place and also imposed new duties on electric vehicles and solar panels.

Now, with Trump’s second term in office just around the corner, he has promised to impose additional tariffs on Mexico, Canada, China, and even all imports.

We update this classic episode on the Smoot-Hawley tariffs and review the impact of recent efforts by Trump and Biden alike.

This episode was hosted by Kenny Malone and Sally Helm. Originally produced by Lena Richards and edited by Bryant Urstadt. This update was created by Sam Yellowhorse Kesler. Previous update 2020 Produced by Irena Hwang with assistance from Gilly Moon. Fact checked by Sierra Juarez. Alex Goldmark is the executive producer of Planet Money.

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