November 28, 2024
CBC: What would a trade war actually look like?
Corpay chief market strategist Karl Schamotta calls the Smoot-Hawley Tariff Act “one of the worst self-inflicted economic wounds in U.S. history”. He says it hurt American farmers, crushed auto and steel exports, slowed global trade and helped drive down stocks on Wall Street. And he says, the only people who benefited were lobbyists. "That any leader would want to repeat the experience is astonishing.”