What were the major historical trade wars and their impacts?

What were the major historical trade wars and their impacts?

Some major historical trade wars include the Smoot-Hawley Tariff of 1930 and the U.S.-China trade tensions. These conflicts often led to economic downturns and strained international relations.

Can you explain the Smoot-Hawley Tariff and its consequences?

The Smoot-Hawley Tariff raised U.S. tariffs on over 20,000 imported goods. It led to retaliatory tariffs from other countries, significantly reducing international trade and contributing to the Great Depression.

What about the trade war between the U.S. and China?

The U.S.-China trade war began in 2018, with tariffs imposed by both countries. It has affected global supply chains and led to economic uncertainty, impacting various industries.

How do trade wars typically affect consumers?

Trade wars often lead to higher prices for imported goods, reduced product availability, and can ultimately harm consumers by limiting choices and increasing costs.