As we enter 2025, President Trump's renewed embrace of tariffs has once again sparked fears of economic turmoil. His administration's latest tariff measures—imposing duties as high as 25% on imports from China, Canada, Mexico, and the European Union—have already rattled markets and economists alike. With recession warnings growing louder, it is crucial to recall historical lessons from America's past experience with protectionism, particularly the infamous Smoot-Hawley Tariff Act of 1930.
