4/8/25

Congressman, later President, William McKinley’s tariffs of 1890 raised tariffs on imported goods to about 48%, one of the highest rates in U.S. history at the time. This made foreign goods more expensive, which was meant to protect American manufacturers but hurt consumers instead. It also hurt American farmers who relied on exporting crops, as foreign countries retaliated with their own tariffs and contributed to the Panic of 1893 by reducing international trade. The Smoot-Hawley Tariff bill in 1930, also an attempt to protect American industries, worsened the Great Depression as U.S. exports dropped by over 60% between 1929 and 1933. The real answer to American prosperity, as President Trump has also stated, is a reduction in barriers to productivity, like regulations, onerous permitting processes and fees and taxes.