Nearly a century ago, in the name of protecting domestic industries, the U.S. government wrecked its own economy. In 1930, despite widespread opposition from the business community, it enacted the Smoot-Hawley Tariff Act — a move that deepened the Great Depression and earned the act to become recognized as one of the most notorious laws in American history. The U.S. government repeats this destructive pattern. And in today's deeply globalized world, a tariff war's consequences would be even more severe and far-reaching. Has America learned nothing from its own "Tariff-ic" disaster?

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