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The ghost of Smoot-Hawley tells why America isn’t too big to avoid retaliation — Kris Mitchener et al

Summary:
The Trump administration’s pursuit of protectionist trade policies was predicated to some extent on the belief that America was too lucrative a market to face retaliation. Using the most detailed data set of bilateral trade flows constructed to date for the interwar period, this column shows that in fact the US faced substantial and widespread retaliation from trade partners in response to protectionist measures employed in the wake of the Great Depression. Exports to retaliating countries fell by as much as 33%....Vox.eu/CEPRThe ghost of Smoot-Hawley tells why America isn’t too big to avoid retaliationKris Mitchener, Kevin O'Rourke, Kirsten Wandschneider

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The Trump administration’s pursuit of protectionist trade policies was predicated to some extent on the belief that America was too lucrative a market to face retaliation. Using the most detailed data set of bilateral trade flows constructed to date for the interwar period, this column shows that in fact the US faced substantial and widespread retaliation from trade partners in response to protectionist measures employed in the wake of the Great Depression. Exports to retaliating countries fell by as much as 33%....
Vox.eu/CEPR
The ghost of Smoot-Hawley tells why America isn’t too big to avoid retaliation
Kris Mitchener, Kevin O'Rourke, Kirsten Wandschneider
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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