{"id":55682,"date":"2025-01-31T16:58:22","date_gmt":"2025-01-31T16:58:22","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/01\/31\/trumps-tariffs-echo-a-failed-u-s-trade-policy-of-the-past\/"},"modified":"2025-01-31T16:58:22","modified_gmt":"2025-01-31T16:58:22","slug":"trumps-tariffs-echo-a-failed-u-s-trade-policy-of-the-past","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/01\/31\/trumps-tariffs-echo-a-failed-u-s-trade-policy-of-the-past\/","title":{"rendered":"Trump&#8217;s tariffs echo a failed U.S. trade policy of the past"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Smoot-Hawley tariffs led to greatly diminished global trade \u2014 and, some experts argue, exacerbated the Great Depression.<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jan 31, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 3\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">6 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"d30dfacf-0ef3-4147-b886-1da1e0c2dfed\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Willis C. Hawley (left) and Reed Smoot meeting shortly after the signing of the Smoot-Hawley Tariff Act.<\/span> <span class=\"credit\">Photo by National Photo Company\/Wikimedia Commons\/Postmedia files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">President Trump\u2019s support for high tariffs and disdain for\u00a0free trade harkens back to\u00a0a much older policy \u2014 the Smoot-Hawley Act of 1930.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Fans of the movie Ferris Bueller\u2019s Day Off will remember the nasal voice of Ben Stein\u2019s bespectacled economics teacher delivering a droning lecture on Smoot-Hawley. Stein later revealed director John Hughes asked him to ad-lib the bit in an off-camera reading with the students in the classroom, who \u201cthought it was the most boring thing they\u2019d ever heard.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3862523330209575799232044134825984\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues 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class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>But Smoot-Hawley is certainly stirring up some buzz today.<\/p>\n<p>For those unfamiliar with ye old Act, Smoot-Hawley was named for Senator Reed Smoot of Utah, chairman of the Senate Finance Committee, and Representative Willis Hawley of Oregon, chairman of the House Ways and Means Committee, who pushed for higher tariffs to protect domestic farmers.<\/p>\n<p data-async=\"\">More than 1,000 economists protested the bill to then-United States President Herbert Hoover, but he signed it anyway, which amped up tariffs on foreign exports to the U.S. by about 20 per cent.<\/p>\n<p>The result was that it greatly diminished global trade \u2014 and, some experts argue, exacerbated the effects of the Great Depression.<\/p>\n<h2>How did the Smoot-Hawley Act come to be?<\/h2>\n<p data-async=\"\">Robert Bothwell, an emeritus professor of Canadian history at the University of Toronto, said the Smoot-Hawley Tariff Act was just another example of the \u201cbeggar-thy-neighbour\u201d policies\u00a0favoured by the United States in the 1930s. These policies sought to protect or improve the domestic economy at the expense of other countries.<\/p>\n<p>Bothwell also explained that, at the time, Congress held considerable power and was more involved with tariffs, while the executive branch had a more limited role and typically went along with what Congress wanted.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot20 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories1882170866912493730047916708462592\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment6741272687495720327119479393746944\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=90&strip=all&w=288&sig=xtN4uHJCfhTq2Z2TOwHvwg\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=90&strip=all&w=288&sig=xtN4uHJCfhTq2Z2TOwHvwg,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=90&strip=all&w=576&sig=nlAKvSTOft_tReoZnRU8Ng 2x\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110307.png?quality=5&strip=all&w=100&sig=_7ISrUD5vWEuRz3E1zmxJQ&ssl=1\" alt=\"Screenshot_20250127-110307\" height=\"2222\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>In 1930, the Republican party\u00a0held the White House and Republican protectionists controlled the House Ways and Means Committee, which was\u00a0advocating for high tariffs.<\/p>\n<p>The bill, originally aimed at protecting American\u00a0farmers by taxing agricultural imports, soon spiralled out of control, with representatives from various sectors calling for increased protection as well.<\/p>\n<h2>How did Canada and other countries respond?<\/h2>\n<p>Numerous countries, including Canada, retaliated with tariffs of their own. In 1929, 18 per cent of\u00a0America\u2019s\u00a0exports went to Canada,\u00a0which also accounted for\u00a011 per cent of\u00a0its\u00a0imports.<\/p>\n<p>Canadian Prime Minister William Lyon Mackenzie King initially matched the Smoot-Hawley tariffs on just 16 products, amounting to 30 per cent of imports from the United States. But when R.B. Bennett took over the Canadian government in 1930, he raised tariffs on American imports even further, while also cutting them on about 270 products from the United Kingdom and its colonies and dominions.<\/p>\n<p>In 1932, Ottawa hosted the British colonies and dominions to discuss the economic downturn and strengthen trade relations between themselves. \u201cIt\u2019s a classic trade negotiation, where you\u2019re trading off one concession against another, but the effect is very much to establish an economic sphere where the Americans are not present,\u201d Bothwell explained.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment729344431520534380859122220269568\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Canada, for example, started selling markedly more of its exports to the United Kingdom and reducing its exports to the United States. Agricultural exports made up about half of Canada\u2019s increased exports to the United Kingdom, according to The Globe archives from 1932.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=90&strip=all&w=288&sig=iwtJmA-C0C0KYSoR58jHyA\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=90&strip=all&w=288&sig=iwtJmA-C0C0KYSoR58jHyA,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=90&strip=all&w=576&sig=V6w6KPnFl4LHkqhoW8yXpg 2x\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Screenshot_20250127-110234.png?quality=5&strip=all&w=100&sig=1TkHHdQzOnqTCvPft_4BpA&ssl=1\" alt=\"Screenshot_20250127-110234\" height=\"2222\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>Between 1929 to 1933, U.S. real GDP plunged nearly 30 per cent, while the unemployment rate spiked at 25 per cent. When the next U.S. election rolled around in 1933, voter sentiment for Republicans had soured.<\/p>\n<p>Franklin D. Roosevelt of the Democratic party took over the presidency and in 1934 signed the Reciprocal Trade Agreements Act (RTAA), which advocated for strengthened international trade and presidential authority to negotiate reciprocal trade agreements, marking a significant shift in U.S. trade policy. The RTAA also temporarily allowed the president to decrease or increase tariffs by up to 50 per cent of the levels set by Smoot-Hawley in exchange for concessions from other countries.<\/p>\n<p>And ultimately, Bothwell said, the RTAA fostered a new trading relationship with Canada.<\/p>\n<p>\u201cSince 1935, the Canadian-American trading relationship, through a whole variety of arrangements and treaties, has been reciprocal,\u201d he said. \u201cIt\u2019s based on negotiation and trade and concessions, but also underneath it, the idea that trade is good, and the \u2018beggar thy neighbor\u2019 is a stupid policy in which everybody loses.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment3893279025130322530354620199337984\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2>How are things different today?<\/h2>\n<p>Bothwell said Trump\u2019s vision for trade is taking the U.S. back to a previous century. But one key difference is that Trump\u00a0views tariffs as a \u201cweapon of power\u201d rather than protecting local economies, as was the aim of the Smoot-Hawley Act.<\/p>\n<p>Andreas Schotter, a professor of international business at the Ivey Business School, said Trump is using tariffs as a bargaining chip in non-trade issues, such as immigration, currency dominance and geopolitics, \u201cwhich could lead to more complex and unpredictable retaliations\u201d from other countries.<\/p>\n<p>Schotter noted that during Smoot-Hawley tariffs, the global economy was not as integrated as it is today.\u00a0\u201cIt\u2019s different now, and we have a much more complex and complicated relationship in global trade that includes parts and semi-finished products and so on, where the supply and value chains are cross-border integrated, and in this case, particularly between Canada and the United States.\u201d<\/p>\n<p>He foresees issues in the American manufacturing space in particular, since the\u00a0U.S.does not have the labour to fill advanced manufacturing roles, especially in the midst of the immigration crackdown.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment7019651059502002210918522337361920\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The effect of\u00a0Trump\u2019s tariffs would be inflationary and could \u201cabsolutely\u201d lead to an economic downturn, Schotter emphasized, adding that it could have economic, political and geopolitical consequences. He predicts the tariffs would accelerate the ongoing decoupling between the U.S. and China, which could pose a major issue for the former since it benefits from global trade.<\/p>\n<p>\u201cWe have seen for some years already the reversal (of)\u00a0a global political economic system, going from a free-trade-for-all\u00a0system to a fragmented (one),\u201d Schotter said. \u201cThis is just a continuation of that on an escalation at the highest level.\u201d<\/p>\n<h2>How can\u00a0Canada respond today?<\/h2>\n<p>Bothwell noted that Canada has a much larger economy today than it did in 1930, and therefore stands a better chance of supporting itself through domestic production and consumption.<\/p>\n<p>Foreign Affairs Minister Melanie Joly recently said removing interprovincial trade barriers was going to be part of Canada\u2019s response to Trump\u2019s tariff threat.<\/p>\n<p>Canadian political leaders have also prepared a list of retaliatory tariffs they could implement if the United States goes ahead with its plan for 25 per cent tariffs on Canadian goods.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment1670003471101783966885695203573760\" class=\"ad\">\n<p>Advertisement 7<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">But unlike in the 1930s, it might be more difficult for Canada to expand its trade relations with other countries to offset the impact. During the early 20th century, Canada still had a fairly strong trade relationship with the United Kingdom: A 1930 trade report shows about $472 million in trade between the two countries, with about $1.4 billion traded between Canada and the U.S., which is about three times as much.<\/p>\n<section aria-labelledby=\"moreTopicLabel6734335721974506104279042514485248\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" businesses=\"\" in=\"\" u.s.=\"\" could=\"\" pay=\"\" for=\"\" digital=\"\" services=\"\" tax=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Donald Trump is contemplating employing an obscure clause in the American tax code in retaliation for the digital services tax.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=80&sig=bRsozQnqGelFf0_1cpcddg\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=5&sig=gSKtXyabJCFlUYHLlPO9NQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=96&strip=all&quality=80&sig=bRsozQnqGelFf0_1cpcddg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=192&strip=all&quality=80&sig=KnuSGZtYEVv9cvVgaUsnCA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/Trump-gs0124.png?h=288&strip=all&quality=80&sig=MfE2D4cAo5v4PblVriM1nA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canadian businesses in U.S. could pay for digital services tax<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" trump=\"\" tariff=\"\" war=\"\" could=\"\" hit=\"\" canadians=\"\" wallets=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A potential tariff war between Canada and the United States would likely take longer to resolve than it did last time, and cost Canadians much more.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=80&sig=c2STTWkVx0YMWHLXCbHyVw\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=5&sig=AI7Rh7m0GZAT_Q6fsE_JMw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=96&strip=all&quality=80&sig=c2STTWkVx0YMWHLXCbHyVw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=192&strip=all&quality=80&sig=qExBlEcRD3AeD_DDsG64DA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0121-mg-tradewar.jpg?h=288&strip=all&quality=80&sig=ORt-6fBEN6XQbMx12vhL3Q 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">How Trump&#8217;s tariff war could hit Canadians&#8217; wallets<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" far=\"\" could=\"\" trump=\"\" go=\"\" using=\"\" force=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"U.S. President-elect Donald Trump speaks at AmericaFest, Sunday, Dec. 22, 2024, in Phoenix. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=80&sig=Ra8VLF9QPU8Oodf7EoGfvQ\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=5&sig=jr-STCg8Vqt6Ltbb3lkIDw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=96&strip=all&quality=80&sig=Ra8VLF9QPU8Oodf7EoGfvQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=192&strip=all&quality=80&sig=qOwQDG127b4Gw-wdlG-VLg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0111-bc-trump.jpg?h=288&strip=all&quality=80&sig=1dJkfo3XQiDm6KtxMwQedA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">How far could Trump go using &#8216;economic force&#8217;?<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>In recent years, trade between Canada and the U.K. was valued at just $47 billion, compared to the over $960 billion traded with the U.S. \u2014 20 times greater.<\/p>\n<p>\u201cWe missed a real opportunity to position Canada and Canadian firms on a more global scale,\u201d said Schotter, noting that Canada grew complacent in its trade relationship with the U.S. \u201cNow everybody\u2019s running around like chickens with their heads chopped off, and that\u2019s not a good thing.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Trump&#8217;s tariffs echo a failed U.S. trade policy of the past<\/a><br \/>\n<br \/>2025-01-31 16:58:22<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Economy Smoot-Hawley tariffs led to greatly diminished global trade \u2014 and, some experts argue, exacerbated the Great Depression. Published Jan 31, 2025 \u00a0\u2022\u00a0 Last updated 3\u00a0hours ago&#8230;<\/p>\n","protected":false},"author":2,"featured_media":55683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0201-mg-smoot.jpg?quality=90&strip=all&w=288&h=216&sig=8Yohf9U9ihFJjJS4W7ruRg","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-55682","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=55682"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/55683"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=55682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=55682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=55682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}