I mean, if you'd listen to any economist, when you put on this level across the board, tariffs, specific tariffs can be used as a tool, but not as an economic theory of the case. The time I think we did this with Smoot Hawley and you know, yes, America had a slight trade surplus, was the price was. We ended up with the worst depression in our American history. And I just, you know, I was with Bill, was also with Bill the other day, was we brought a guy from Richmond who makes bourbon and he is basically seeing all his business dry up from Canada. (01:28–01:39)
CLAIM
Asserts that the Smoot-Hawley Tariff contributed to the Great Depression.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
