Import Tariffs

America's first major trade war occurred in 1930 when the Smoot-Hawley Tariff Act increased imports tariffs from 40 to 59 percent. (Image: Pixabay /  CC0 1.0)

What Are Tariffs and Trade Wars?

Free and open trade between countries is a crucial ingredient that can help to maintain a real-world marketplace. Many states have strong trade partnerships, and that creates a win-win situation for them. But still, there are countries that cannot agree…

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What Are Tariffs and Trade Wars?

Free and open trade between countries is a crucial ingredient that can help to maintain a real-world marketplace. Many states have strong trade partnerships, and that creates a win-win situation…