Why Tariffs Have Backfired Throughout American History
As a U.S. Trade War With China Escalates, the Only Guarantee Is Unexpected Aftershocks
In a truly iconic scene from the 1980s comedy Ferris Bueller’s Day Off, a high school economics teacher played by Ben Stein fails to elicit even a muscle twitch from his seemingly catatonic pupils as he queries them—“Anyone…Anyone?”—about the Hawley-Smoot Tariff of 1930.
Hilarious as this scene may be in the film, it recurs frequently in real life, not simply in classrooms but in many other settings, whenever the subject of tariffs comes up. It is both ironic and unfortunate that many Americans find tariffs too boring to care about …