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Wall Street Journal editorial calls Trump tariffs ‘dumbest trade war in history’ (www.theguardian.com)

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Some US business leaders reacted neutrally, while JP Morgan CEO says tariff threats can be used effectively

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[–] btaf45 6 points 1 month ago

[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. 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]

https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act