#TradeWars #history
"Flashback: The 1890 McKinley Tariff imposed levies of roughly 50% on almost all imports, a policy aimed at protecting domestic industry from foreign industry.
Several nations, including Canada, retaliated with tariffs on agricultural goods. The briefing cites a go-to expert on trade history, Douglas Irwin, whose book notes that Canada created stronger trade ties with Britain.
Many economists had expected Canada would be so economically damaged that it would join the United States — a parallel to President Trump's '51st state' rhetoric.
The Smoot-Hawley Tariff, which raised the average tariff to almost 60%, resulted in higher sugar prices for the American public, to the tune of hundreds of millions of dollars, while tariffs on imported eggs soared, the briefing notes."
https://www.axios.com/2025/04/01/trump-tariffs-canada-trade-war