Peddling Protectionism Quotes

“the world’s slide to protectionism in the 1930s. Undoubtedly, because of the Depression, many countries would have erected trade barriers even if the Smoot-Hawley tariff had never been implemented. But although Smoot-Hawley was not entirely responsible for the massive outbreak of protectionism in the early 1930s, it certainly contributed to the climate in which such policies flourished. Smoot-Hawley clearly inspired retaliatory moves against the United States, particularly—but not exclusively—by Canada. This retaliation had a significant effect in reducing U.S. exports. Even worse, Smoot-Hawley generated ill-will around the world and led to widespread discrimination against”
― Douglas A. Irwin, Peddling Protectionism: Smoot-Hawley and the Great Depression