History does not repeat. But it does rhyme.
The Legacy of the Smoot-Hawley Tariff Act
The Smoot-Hawley Tariff Act was a grave error for U.S. trade policy. As the United States slid into depression, the act represented a desperation move by Congress and President Hoover. Since then, presidents have regarded free trade as the rule rather than the exception. Economist Douglas A. irwin discusses the Smoot-Hawley Act and its legacy.