America’s Tariff-ic Disaster: Learning from History 📚
Hey there! Did you know that almost 100 years ago, the United States made a big mistake that hurt its own economy? 😮 Let’s dive into this story and see what we can learn!
What Happened in 1930? 🕰️
In 1930, the U.S. government wanted to protect its own businesses from foreign competition. So, they passed a law called the Smoot-Hawley Tariff Act. This law added high taxes, called tariffs, on goods coming into the country.
The Great Depression Gets Worse 📉
But guess what? Other countries didn’t like this and started adding their own tariffs! Trade between countries slowed down a lot. This made the Great Depression, a time when many people were poor and without jobs, even worse.
Are We Repeating History? 🔄
Today, our world is connected more than ever. Countries trade goods and services all the time. If we start a tariff war now, the consequences could be even more serious and affect people all over the world! 🌍
Learning from the Past 📖
It’s important to learn from history so we don’t make the same mistakes again. Do you think America has learned from its “Tariff-ic” disaster? 🤔
Reference(s):
cgtn.com
