Click For Photo: http://www.visualcapitalist.com/wp-content/uploads/2018/07/top-importers.jpg
For most world leaders and corporate executives, the swing of the global pendulum to more protectionist policies has been an unpleasant surprise.
That’s because the consensus view from both economists and economic historians has been that measures like the Smoot-Hawley Tariff Act of 1930, which triggered a trade war during the Great Depression, greatly exacerbated circumstances that were already quite dire.
Tariff - Increases - Retaliatory - Measures - Levels
It’s common for tariff increases to be countered by retaliatory measures, and this can often translate to lower levels of international trade and decreased economic growth across the board. During the period of 1929 to 1934, according to the U.S. State Department, world trade decreased by 66% – largely a result of subsequent trade wars after the passing of Smoot-Hawley.
For the above reasons, international barriers to trade have been falling for decades – until now, of course.
Countries - Weight - Tariffs - Retaliatory - Measures
Which countries can throw their weight around the most with tariffs and retaliatory measures?
It’s those that...
Wake Up To Breaking News!