Economist

In fact, in the 1990s, Al Gore was debating Ross Perot. Perot was against the North American Free Trade Agreement. And Gore brought a photograph of Smoot and Hawley to the debate to be like, see where this got us last time?

That is the sound of Ross Perot kind of slamming this photo face down onto the desk.

That is the sound of Ross Perot kind of slamming this photo face down onto the desk.

That is the sound of Ross Perot kind of slamming this photo face down onto the desk.

Attorneys at law.

Attorneys at law.

Attorneys at law.

Yeah, he kind of was. A huge difference between the Smoot-Hawley days and the Trump days is that the president now has a lot more power to set tariffs.

Yeah, he kind of was. A huge difference between the Smoot-Hawley days and the Trump days is that the president now has a lot more power to set tariffs.

Yeah, he kind of was. A huge difference between the Smoot-Hawley days and the Trump days is that the president now has a lot more power to set tariffs.

And this fact, the fact that the president can now levy tariffs, Doug Irwin says that is part of the legacy of Smoot-Hawley.

And this fact, the fact that the president can now levy tariffs, Doug Irwin says that is part of the legacy of Smoot-Hawley.

And this fact, the fact that the president can now levy tariffs, Doug Irwin says that is part of the legacy of Smoot-Hawley.

Over time, they delegated that power to the executive branch and to the president. They decided that is the better system.

Over time, they delegated that power to the executive branch and to the president. They decided that is the better system.

Over time, they delegated that power to the executive branch and to the president. They decided that is the better system.

And so we're not seeing hundreds of tariffs like in the days of Smoot-Hawley. Instead, we're seeing these very targeted, very political tariffs. And it could stay that way. But these tariffs still have economists like screaming into their pillows again. Because even narrow tariffs are going to cause the same web of problems. Downstream effects, ultimately shooting ourselves in the foot.

And so we're not seeing hundreds of tariffs like in the days of Smoot-Hawley. Instead, we're seeing these very targeted, very political tariffs. And it could stay that way. But these tariffs still have economists like screaming into their pillows again. Because even narrow tariffs are going to cause the same web of problems. Downstream effects, ultimately shooting ourselves in the foot.

And so we're not seeing hundreds of tariffs like in the days of Smoot-Hawley. Instead, we're seeing these very targeted, very political tariffs. And it could stay that way. But these tariffs still have economists like screaming into their pillows again. Because even narrow tariffs are going to cause the same web of problems. Downstream effects, ultimately shooting ourselves in the foot.

And he was like, who knows? Probably not. But if they do make Ferris Bueller 2, Doug Irwin will be ready.