[austrianecon]

Actually I have to say you're wrong. The tariffs of 1930 resulted in a collapse of global trade. All tariffs reduce supply, it's a basic economic law; reduced supply then affects jobs. Reduced supply due to tariffs affects export jobs more than domestic jobs. Who /what defaulted the most during the Great Depression? Farms (the producers of our largerst export sector) and farm banks. Were tariffs the sole reason? no, of course not. Were they a big contributing reason? Definitely. Tariffs are the wrong answer.

[austrianecon]

Actually, it reduces demand. Don't know how I got that backward.

Credibility shot, oh no!! :)

[bvw]

Not the tariffs but the political reaction to them, the tariff wars. I'll admit I'm not up on the ratios of ag to manufactured exports then and now.