Trump’s Tariffs Are the Toughest Since the Great Depression. The Dangers We’ve Forgotten.

The Smoot-Hawley Tariff Act of 1930 is blamed for deepening the Great Depression. Don’t tell that to the Trump administration, which just unveiled the toughest tariffs in almost a century.

Investors see the new tariffs as threatening the economy, and stocks have gyrated wildly in recent days. President Donald Trump has slapped tariffs of 25% on goods from Mexico and Canada, plus an extra 10% tariff on Chinese imports, with a threat of more to come. Every fresh tidbit of news sends jumpy traders in a new direction.