What are tariffs, and how do they work?
What are tariffs, and how do they work? with 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, job creation, employment, unemployment, government revenue, trade war, gdp, consumer goods, education, animation, avi ofer, ted, ted-ed, ted ed, teded, ted education
Explore how tariffs work and dig into how their enactment can set off an economic chain reaction that impacts global trade.
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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.
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