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Former US official: Tariffs harm economy
AlArabiya English
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4/3/2025
Category
🗞
News
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00:00
Now, the problem with regard to the markets, remember that tariffs are bad news because
00:06
they're taxes on international transactions, and at any time you put a tax on, you put
00:13
a tax wedge on economic activity.
00:17
So that means that the net that's left over after a wedge goes in is less than it was
00:23
before.
00:24
That means profits are going to be lower than they would before.
00:28
And in the United States, this has always been a big deal.
00:32
If you look back at the 1930s, the Smoot-Hawley tariff, which was something like we'll probably
00:40
get from Trump, caused the stock market to crash.
00:45
In anticipation of that, the stock market, the Dow Jones peaked out in September of 1929,
00:52
and by the time July 1932 rolled around, what had happened?
01:01
The market had lost 89% of its value.
01:04
It had completely collapsed, and the reason for that was the tariff.
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