I am in an occasional exchange of views with a group of hardnosed Trump fans. As you might expect, these rabid fanatics know nothing about economics or world affairs.
Smoot Hawley tariffs of the 1930's are probably still relevant with respect to Trumps tariffs. Then the US put tariffs on 20,000 or so goods. All SH did was create a tariff war as other nations imposed tariffs on the US. This then depressed global trade. Also the US economy now is nothing like in the past as it is more based on services than products.
Trying to blame other nations for the US trade deficit is quite deceitful as it was US policies (engaging with China) and US corporations that over multiple decades that thinned out the US industrial base. I recall watching a Walmart sourcing conference where the theme was to get (bully) US suppliers into setting up manufacturing operations in China.
Smoot Hawley tariffs of the 1930's are probably still relevant with respect to Trumps tariffs. Then the US put tariffs on 20,000 or so goods. All SH did was create a tariff war as other nations imposed tariffs on the US. This then depressed global trade. Also the US economy now is nothing like in the past as it is more based on services than products.
Trying to blame other nations for the US trade deficit is quite deceitful as it was US policies (engaging with China) and US corporations that over multiple decades that thinned out the US industrial base. I recall watching a Walmart sourcing conference where the theme was to get (bully) US suppliers into setting up manufacturing operations in China.