: America's last trade war exacerbated the Great Depression in the 1930s, when unemployment rose to 25%. In 2016, I asked Trump's trade adviser Peter Navarro whether Trump's trade policies would start a trade war akin to Smoot-Hawley . In a Thursday speech (before Trump's tariffs), Dudley said tariffs and other trade barriers are a "dead end" and "destructive." So while tariffs protect jobs in some industries, they tend to lead to higher job losses in other sectors. Other governments want to protect their workers just as much as Trump wants to protect steel and aluminum jobs.

Source: CNN March 02, 2018 16:12 UTC