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According to Paul Whitfield, economists differ on how much blame the Smoot-Hawley tariffs deserve for the Great Depression. They also disagree on how much credit President Franklin Roosevelt deserves for the Reciprocal Tariff Act, which put the U.S. on a path to lower  tariffs. But the market knows.


  1. According to the article, what similarities exist with today’s circumstances?
  2. According to the article, what differences exist with today’s circumstances?
  3. What trouble did the stock market face on August 5, 2019? (i.e., how many points lost?)


Whitfield, P. (2019) Stock Market Reaction To Tariffs: Wall Street Has Seen This Before; The End Is Not Good. Investor’s Business Daily, August 1 (Retrievable online at