The historian Mikel Herrán (@putomikel on networks) visited the set of The intermediate This Tuesday to talk to Wyoming, in its section everything is invented, about The origin of tariffs and how they have affected the US economy.
“Although currently We live a complicated moment Donald Trump’s constant threats to start a commercial war with Europe, “he began by saying.
“There have been times in which Protectionism has been even more harmful. Especially at the time of mercantilism, “Wyoming collaborator said.
That he continued saying: “I would propose to Trump that, if he will be inspired by that time, in addition to the tariffs, Make creative laws to stimulate local trade“comments the collaborator.
“For example, I remember that during the reign of Isabel I of England, the monarch forced men to wear a wool hat every Sunday To boost the country’s textile industry“He said.
Of course, the doctor in Archeology warned that “These measures only worked in the world of absolute monarchieslike tariffs. “
“Almost 100 years ago, in the United States he gave them the tariffs without ton or are. It was with the 1930 tariff law, created to alleviate the effects of crack of 29, but that ended up generating even more chaos in the economy“He recalled.
“Instead of solving the problem, what he did was worsen it. The bag collapsed again, since this law increased the price of hundreds of products by more than 25 % on average, “said the collaborator.
Herrán explained that “that unleashed what we know today as ‘tariff war’: a constant battle between countries to see who imposes the highest rates. “
“More than 1,000 economists from the time signed a request aimed at Herbert Hoover, president of the United States, To veto the law. But, as seen in history, the president ignored them, “he continued remembering.
“Today, many experts say that this refusal was one of the reasons why the great depression was extended so much. The proof is that, When the law was repealed, trade grew again And measures such as the New Deal were implemented to help the most affected population, “he said.
And he concluded wishing that “with this history lesson, Donald Trump understands The consequences of imposing new tariffs to the European Union, Canada, Mexico and other countries. “
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