Doug Irwin

Congress delegated powers to the president to oversee the whole tariff system. So essentially, Congress said, look, we made a mess of it. This didn't work out so well.

They overate, they got sick, and they said they need some restraint on themselves from doing that again. So they just, you know, delegate it to another party.

They overate, they got sick, and they said they need some restraint on themselves from doing that again. So they just, you know, delegate it to another party.

They overate, they got sick, and they said they need some restraint on themselves from doing that again. So they just, you know, delegate it to another party.

Come on, Doug. Okay. In 2018, the Republican administration of Donald J. Trump instituted higher tariffs on anyone, anyone, steel and aluminum in an effort to protect the jobs of steel workers. Did it work? Anyone? Anyone? It did not work, and we lost jobs in downstream user industries, and it failed to revitalize the steel industry.

Come on, Doug. Okay. In 2018, the Republican administration of Donald J. Trump instituted higher tariffs on anyone, anyone, steel and aluminum in an effort to protect the jobs of steel workers. Did it work? Anyone? Anyone? It did not work, and we lost jobs in downstream user industries, and it failed to revitalize the steel industry.

Come on, Doug. Okay. In 2018, the Republican administration of Donald J. Trump instituted higher tariffs on anyone, anyone, steel and aluminum in an effort to protect the jobs of steel workers. Did it work? Anyone? Anyone? It did not work, and we lost jobs in downstream user industries, and it failed to revitalize the steel industry.

I guess if we were doing that again, I would do the same riff, but include China. But unfortunately, the result would be the same as did the tariffs work? No, they really didn't. China didn't change its policies. They retaliated against U.S. farm exports and bilateral trade went down.

I guess if we were doing that again, I would do the same riff, but include China. But unfortunately, the result would be the same as did the tariffs work? No, they really didn't. China didn't change its policies. They retaliated against U.S. farm exports and bilateral trade went down.

I guess if we were doing that again, I would do the same riff, but include China. But unfortunately, the result would be the same as did the tariffs work? No, they really didn't. China didn't change its policies. They retaliated against U.S. farm exports and bilateral trade went down.

Well, in general, when a country imposes an import tariff, it's taxing its own consumers, and other countries are not paying that tax. So we see that very much with the economic evidence that's accumulated from the Trump administration's tariffs during the first term.

Well, in general, when a country imposes an import tariff, it's taxing its own consumers, and other countries are not paying that tax. So we see that very much with the economic evidence that's accumulated from the Trump administration's tariffs during the first term.

Well, in general, when a country imposes an import tariff, it's taxing its own consumers, and other countries are not paying that tax. So we see that very much with the economic evidence that's accumulated from the Trump administration's tariffs during the first term.

There have been multiple studies by economists that show that basically there was full pass-through of those tariffs to the final purchasers or consumers of those goods.

There have been multiple studies by economists that show that basically there was full pass-through of those tariffs to the final purchasers or consumers of those goods.

There have been multiple studies by economists that show that basically there was full pass-through of those tariffs to the final purchasers or consumers of those goods.

when we saw that President Ronald Reagan in the 1980s limited how many Japanese cars could be sold in the U.S. market, the price of Japanese cars shot up quite a bit, and the price of domestic cars went up as well because it shifted demand to those cars and capacity was limited in the short run, and so the prices went up.

when we saw that President Ronald Reagan in the 1980s limited how many Japanese cars could be sold in the U.S. market, the price of Japanese cars shot up quite a bit, and the price of domestic cars went up as well because it shifted demand to those cars and capacity was limited in the short run, and so the prices went up.

when we saw that President Ronald Reagan in the 1980s limited how many Japanese cars could be sold in the U.S. market, the price of Japanese cars shot up quite a bit, and the price of domestic cars went up as well because it shifted demand to those cars and capacity was limited in the short run, and so the prices went up.

So the similarity between Trump's proposals and Smoot-Hawley depends a little bit on which Trump proposals you consider. If we're just talking about the special tariffs on Mexico and Canada, that's not really a Smoot-Hawley scenario. But if we're talking about the 10 or 20 percent across the board tariffs, that's in the ballpark of a real Smoot-Hawley increase.