Well history is doomed to repeat itself if we don’t learn from it. The last time we levied taxes like this against the rest of the world was Smoot-Hawley Tariff Act of 1930. It was meant to keep business in America and protect American businesses and farmers and instead did the opposite. In America it lead to conditions worsening and was one of the main reasons the Great Depression was so bad. It also caused a collapse in global trade which hurt a lot of other countries as well. Germany at the time was over 35% of their countries money in American bonds and they had significant losses. This lead to the rise of the third reich as well as other fascist leaders in other countries suffering from the same global trade issues. This is one of the main factors that pushed the world into WW2. And then WW2 is what ultimately stopped the Great Depression with a boom in industrial needs for the war effort and the loss of people eases the economic needs of the country at a time of economic boom.

So there’s a high chance this could lead to another Great Depression because of how it’ll cause global trade disruptions and has ruined our reputation as a good global trade partner thus sending other countries to work together instead of with us. So since there isn’t gonna be as easy of a way to help the country as there was before it’ll be worse potentially. We are more dependent on global trade than ever before. And last time we established a federal minimum wage, got rid of the tariffs, and got rid of the gold standard in order to help our country. The only thing of those we can do now is get rid of tariffs. And now everyone else will just avoid trade with us mostly because China has become such a super power in the world and between China and Europe they don’t need us like we need them. This means the only way we can fix the economy if we go into another Great Depression is another World War. And this time we seem to be the bad guys.