Don't forget the Great Depression. The US enacted a protective tariff in 1930 that sent the entire civilized world into retaliatory tariffs against each other. It slashed international trade in half and turned a recession into the worst economic disaster of this century.
As predicted by Bastiat in 1850...
Slavery and Tariffs Are Plunder
But even in the United States, there are two issues - and only two - that have always endangered the public peace.
What are these two issues? They are slavery and tariffs. These are the only two issues where, contrary to the general spirit of the republic of the United States, law has assumed the character of a plunderer.
Slavery is a violation, by law, of liberty. The protective tariff is a violation, by law, of property.
It is a most remarkable fact that this double legal crime - a sorrowful inheritance from the Old World - should be the only issue which can, and perhaps will, lead to the ruin of the Union. It is indeed impossible to imagine, at the very heart of a society, a more astounding fact than this: The law has come to be an instrument of injustice. And if this fact brings terrible consequence in Europe, where the perversion of the law is a principle; a system?