Canadian Premier Makes MAJOR THREAT against USA
“Ontario’s premier Doug Ford just threatened to cut off all power supply from Canada to the US (including oil and electricity) on Inauguration Day if Trump doesn’t back off of his threat of 25 percent tariffs on Canada; which will wreck the American economy.
Michael Popok reports on Canada’s importance as the US’ major power supplier without which the US economy doesn’t “go” and the muscle that Canada is rightly flexing that rained on Trump’s Wall Street photo op.
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I have a Kindle Reader but I’m buying print books. I’m not sure that AMAZON WILL BE AROUND AFTER A YEAR OF TRUMP TARIFFS.
I’m buying all the electronic stuff & batteries that we might use now before everyone else catches on.
Need new tires? Tires aren’t made in the USA. My wife & me don’t drive much and we have a Prius. My son drives a lot, but in his company car. I think his company won’t go out of business on account of Trump.
Read up on how people survived the last Great Depression for clues on how to live in the Trump Great Depression.
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ACROSS THE BOARD TARIFFS LEAD TO ECONOMIC HARDSHIP. But REPUBLICANS KEEP DOING TARIFFS. TRUMP TARIFFS COMBINED WITH MASSIVE DEPORTATIONS OF WORKERS COULD LEAD TO THE ECONOMIC COLLAPSE OF THE USA.
In spite of the failures and damage to the Republican Party Republicans continue to propose tariffs to negate the need for income taxes.
Donald Trump "CAN'T GUARANTEE ANYTHING" About Lowering Prices for Those Who Voted for Him!!!
Reactions
The tariff was not well received by Americans who suffered a steep increase in prices. In the 1890 election, Republicans lost their majority in the House with the number of seats they won reduced by nearly half, from 171 to 88.[14] In the 1892 presidential election, Harrison was soundly defeated by Grover Cleveland, and the Senate, House, and Presidency were all under Democratic control. Lawmakers immediately started drafting new tariff legislation, and in 1894, the Wilson-Gorman Tariff passed, which lowered US tariff averages.[15] The 1890 tariff was also poorly received abroad. Protectionists in the British Empire used it to argue for tariff retaliation and imperial trade preference.[16]
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What few people know about the program that "saved" America - Meg Jacobs
The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff,[1] was a law that implemented protectionist trade policies in the United States. Sponsored by Senator Reed Smoot and Representative Willis C. Hawley, it was signed by President Herbert Hoover on June 17, 1930. The act raised US tariffs on over 20,000 imported goods.[2]…
After enactment
At first, the tariff seemed to be a success. According to historian Robert Sobel, "Factory payrolls, construction contracts, and industrial production all increased sharply." However, larger economic problems loomed in the guise of weak banks. When the Creditanstalt of Austria failed in 1931, the global deficiencies of the Smoot–Hawley Tariff became apparent.[16] US imports decreased 66% from $4.4 billion (1929) to $1.5 billion (1933), and exports decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931 and bottomed out at $55.6 billion in 1933.[25] Imports from Europe decreased from a 1929 high of $1.3 billion to just $390 million during 1932, and US exports to Europe decreased from $2.3 billion in 1929 to $784 million in 1932. Overall, world trade decreased by some 66% between 1929 and 1934.[26]
Unemployment was 8% in 1930 when the Smoot–Hawley Act was passed but the new law failed to lower it. The rate jumped to 16% in 1931 and 25% in 1932–1933.[27] There is some contention about whether this can necessarily be attributed to the tariff.[28][29] It was only during World War II, when "the American economy expanded at an unprecedented rate",[30] that unemployment fell below 1930s levels.[31] Imports during 1929 were only 4.2% of the US GNP, and exports were only 5.0%. Monetarists, such as Milton Friedman, who emphasized the central role of the money supply in causing the depression, considered the Smoot–Hawley Act to be only a minor cause for the Great Depression in the United States.[32]
End of tariffs
The 1932 Democratic campaign platform pledged to lower tariffs. After winning the election, President Franklin D. Roosevelt and the now-Democratic Congress passed Reciprocal Trade Agreements Act of 1934. This act allowed the President to negotiate tariff reductions on a bilateral basis and treated such a tariff agreement as regular legislation, requiring a majority, rather than as a treaty requiring a two-thirds vote. This was one of the core components of the trade negotiating framework that developed after World War II. After World War II, that understanding supported a push towards multilateral trading agreements that would prevent similar situations in the future. While the Bretton Woods Agreement of 1944 focused on foreign exchange and did not directly address tariffs, those involved wanted a similar framework for international trade. President Harry S. Truman launched this process in November 1945 with negotiations for the creation of a proposed International Trade Organization (ITO).[33]
As it happened, separate negotiations on the General Agreement on Tariffs and Trade (GATT) moved more quickly, with an agreement signed in October 1947; in the end, the United States never signed the ITO agreement. Adding a multilateral "most-favored-nation" component to that of reciprocity, the GATT served as a framework for the gradual reduction of tariffs over the subsequent half century.[34] Postwar changes to the Smoot–Hawley tariffs reflected a general tendency of the United States to reduce its tariff levels unilaterally while its trading partners retained their high levels. The American Tariff League Study of 1951 compared the free and dutiable tariff rates of 43 countries. It found that only seven nations had a lower tariff level than the United States (5.1%), and eleven nations had free and dutiable tariff rates higher than the Smoot–Hawley peak of 19.8% including the United Kingdom (25.6%). The 43-country average was 14.4%, which was 0.9% higher than the U.S. level of 1929, demonstrating that few nations were reciprocating in reducing their levels as the United States reduced its own.[35]
In modern political dialogue
In the discussion leading up to the passage of the North American Free Trade Agreement (NAFTA), then-Vice President Al Gore mentioned the Smoot–Hawley Tariff as a response to NAFTA objections voiced by Ross Perot during a debate in 1993 they had on The Larry King Show. He gave Perot a framed picture of Smoot and Hawley shaking hands after its passage.[11] In April 2009, then-Representative Michele Bachmann made news when, during a speech, she referred to the Smoot–Hawley Tariff as "the Hoot–Smalley Act", misattributed its signing to Franklin D. Roosevelt, and blamed it for the Great Depression.[36][37][38] The act has been compared to the 2010 Foreign Account Tax Compliance Act (FATCA), with Andrew Quinlan from the Center for Freedom and Prosperity calling FATCA "the worst economic idea to come out of Congress since Smoot–Hawley".[39] The act received attention as Donald Trump pledged tariffs during his 2024 campaign.[40]
Forced labor
Prior to 2016, the Tariff Act provided that "[a]ll goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions shall not be entitled to entry at any of the ports of the United States" with a specific exception known as the "consumptive demand exception", which allowed forced labor-based imports of goods where United States domestic production was not sufficient to meet consumer demand.[41] The exception was removed under Wisconsin Representative Ron Kind's amendment bill, which was incorporated into the Trade Facilitation and Trade Enforcement Act of 2015, signed by President Barack Obama on February 24, 2016.[4
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