What are tariffs, and how do they work?
By TED-Ed
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Explore how tariffs work and dig into how their enactment can set off an economic chain reaction that impacts global trade. -- In 1930, in hopes of supporting farms and manufacturing, President Hoover made a bold decision: he approved a sweeping 20% tax on all imported agricultural and industrial goods. But the plan completely backfired, leading exports to fall and global trade to decline. And it wouldn't be the last time a world leader was shocked by a tariff’s consequences. Trace the economic chain reaction of tariffs. Directed by Avi Ofer. Support Our Non-Profit Mission ---------------------------------------------- Support us on Patreon: http://bit.ly/TEDEdPatreon Check out our merch: http://bit.ly/TEDEDShop ---------------------------------------------- Connect With Us ---------------------------------------------- Sign up for our newsletter: http://bit.ly/TEDEdNewsletter Follow us on Facebook: http://bit.ly/TEDEdFacebook Find us on Twitter: http://bit.ly/TEDEdTwitter Peep us
Tags: tariff, tariffs, trade, global trade, export, import, smoot hawley, smoot hawley tariff act, herbert hoover, hoover tariffs, great depression, manufacturing, industrial goods, agricultural goods, government, economics, global economics, macroeconomics, retaliatory tariff, trade agreements
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