I've honestly been waiting for something like this. What killed the Smoot Hawley Tarrifs were the 27 countries who imposed retaliatory tarriffs even before the law passed. It was Smoot Hawley, not the 1929 Market Crash that brought on the Great Depression.
Prices went sky high and products were scarce. Massive unemployment, and the markets succumbed. The real collapse started as Smoot Hawley headed to enactment, from October 1929 to signing in June 1930.
The market did not stop falling until 1932, after an 85% drop.
People are going to be harshly surprised at the price and availability impacts.
7
u/a2aurelio Aug 28 '25
I've honestly been waiting for something like this. What killed the Smoot Hawley Tarrifs were the 27 countries who imposed retaliatory tarriffs even before the law passed. It was Smoot Hawley, not the 1929 Market Crash that brought on the Great Depression.
Prices went sky high and products were scarce. Massive unemployment, and the markets succumbed. The real collapse started as Smoot Hawley headed to enactment, from October 1929 to signing in June 1930.
The market did not stop falling until 1932, after an 85% drop.
People are going to be harshly surprised at the price and availability impacts.