Wrong, as usual. Trade was NOT less than 5% of GDP in 1929. GDP was then 104.6 billion. Exports were 5.9 billion. Imports were 5.6 billion.
"Trade" was about 11.5 billion. That's about 11%, not "less than 5%."
In 4 years trade fell to 2 billion of exports and 1.9 billion of imports. 3.9 billion total. Down almost 70%.
As I pointed out to you here: http://www.freerepublic.com/focus/f-news/3406938/posts
I guess you can't be bothered with any numbers which make you look like a fool.
Thanks, Smoot-Hawley for dragging the economy down much further than it would have otherwise have fallen! Good job, tariffs! Take a bow, protectionists!
Now it is $3.5 Trillion out of $17 Trillion = 21%.
Wrong again, trade is not now 3.5 trillion, that's the 70% damage that could be done to trade by your protectionist nonsense.
Trade now totals a little over 5 trillion and GDP is about 18 trillion, not 17 trillion. How do you manage to get every single number wrong? It's amazing.
What's funny is that you are now using my 3.5 trillion damage number that could be done by tariffs. Apparently you are confused. I'm not surprised.
And 5 trillion in total trade (exports plus imports) is 28% of GDP, not 21%.
So, yeah, it's a big difference. It's a much bigger and more important difference than you think. Thanks for making my point. Again.