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Uploaded on Oct 24, 2009
President Obama recently imposed a 35% tariff on Chinese tire imports to placate one of his biggest campaign contributors, the United Steelworkers Union. Obama is risking a trade war with China, our 2nd largest trading partner and also risking the stability of the international economy with this reckless move of Protectionism.
President Obama may or may not know--or may not care--but the Smoot-Hawley Tariffs enacted in response to populist fear during the 1930's served to prolong and worsen the Great Depression, and the world economy did not recover until after WWII.