According to one famous political leader, "tariff" is the most beautiful word in a dictionary. In this light, some historical parallels are worth remembering.
The Smoot-Hawley Tariff Act was passed by Congress in June 1930 and signed into law by President Herbert Hoover on June 17, 1930. On September 18, 1931, Japan invaded Manchuria and a bloody war followed. This was a direct consequence of said legislation, albeit an unintended one. Reciprocal tariffs from the rest of the world hit US exporters really hard too. Because the U.S. was a large net exporter it only worsened the already deteriorating economic situation. Back then the driving force behind tariffs were farmers, who had an overly naïve understanding of the economy, yet were extremely vocal constituents. It was MAGA before the term's existence.
To be fair, tariffs are a useful tool to hedge from beggar thy neighbor industrial, and by extension trade policies, of other countries. Just don't pretend they'll be cost-free.
According to one famous political leader, "tariff" is the most beautiful word in a dictionary. In this light, some historical parallels are worth remembering.
The Smoot-Hawley Tariff Act was passed by Congress in June 1930 and signed into law by President Herbert Hoover on June 17, 1930. On September 18, 1931, Japan invaded Manchuria and a bloody war followed. This was a direct consequence of said legislation, albeit an unintended one. Reciprocal tariffs from the rest of the world hit US exporters really hard too. Because the U.S. was a large net exporter it only worsened the already deteriorating economic situation. Back then the driving force behind tariffs were farmers, who had an overly naïve understanding of the economy, yet were extremely vocal constituents. It was MAGA before the term's existence.
To be fair, tariffs are a useful tool to hedge from beggar thy neighbor industrial, and by extension trade policies, of other countries. Just don't pretend they'll be cost-free.
U - Unintended consequences.
#economics February 2025
BY Random Thoughts
Warning: Undefined variable $i in /var/www/group-telegram/post.php on line 260
One thing that Telegram now offers to all users is the ability to “disappear” messages or set remote deletion deadlines. That enables users to have much more control over how long people can access what you’re sending them. Given that Russian law enforcement officials are reportedly (via Insider) stopping people in the street and demanding to read their text messages, this could be vital to protect individuals from reprisals. It is unclear who runs the account, although Russia's official Ministry of Foreign Affairs Twitter account promoted the Telegram channel on Saturday and claimed it was operated by "a group of experts & journalists." So, uh, whenever I hear about Telegram, it’s always in relation to something bad. What gives? In February 2014, the Ukrainian people ousted pro-Russian president Viktor Yanukovych, prompting Russia to invade and annex the Crimean peninsula. By the start of April, Pavel Durov had given his notice, with TechCrunch saying at the time that the CEO had resisted pressure to suppress pages criticizing the Russian government. The account, "War on Fakes," was created on February 24, the same day Russian President Vladimir Putin announced a "special military operation" and troops began invading Ukraine. The page is rife with disinformation, according to The Atlantic Council's Digital Forensic Research Lab, which studies digital extremism and published a report examining the channel.
from vn
