Editing Smoot–Hawley Tariff Act (section)

=== In the second Trump administration ===
{{Main|Tariffs in the second Trump administration}}
During his [[Donald Trump 2024 presidential campaign|2024 political campaign]], [[Donald Trump]] pledged to institute similar tariffs.{{clarify|reason=Similar to what?|date=April 2025}}<ref>{{Cite magazine|first=Keith|last=Johnson|url=https://slate.com/news-and-politics/2024/11/trump-tariffs-china-how-would-they-work-what-does-it-mean.html|title=How Trump Could Make His Tariff Promises Happen—and the Potential Fallout That Awaits|magazine=[[Slate (magazine)|Slate]]|date=November 26, 2024}}</ref> 

In its annual forecast supplement for the global economy that was published in November 2024 ('Year Ahead' for 2025), ''[[The Economist]]'' observed that [in the wake of the Tariff Act] "... global trade fell by two-thirds. It was so catastrophic for growth in America and around the world that legislators have not touched the issue since. 'Smoot-Hawley' became synonymous with disastrous policy making".<ref>{{cite magazine |last=Fulwood |first=Alice |date=20 November 2024 |title=What Donald Trump's election means for the global economy |url=https://www.economist.com/the-world-ahead/2024/11/20/what-donald-trumps-election-means-for-the-global-economy |magazine=The Economist}} [[Alice Fulwood]] is the Wall Street editor of the Economist</ref> 

The [[Tariffs in the second Trump administration|tariffs announced on April 2, 2025]], which could raise tariff levels higher than the rates during the Smoot–Hawley Tariffs,<ref>{{Cite web |last=Donnan |first=Shawn |date=31 March 2025 |title=Trump's Tariffs Set to Make History and Break a System MAGA Loathes |url=https://www.bloomberg.com/news/features/2025-03-31/trump-s-reciprocal-tariffs-risk-us-recession-trade-turmoil |website=[[Bloomberg News|Bloomberg]]}}</ref> brought renewed attention to the Smoot–Hawley Act.<ref>{{Cite web |date=2025-04-03 |title=Her great-grandfather was behind the Smoot-Hawley Tariff Act. She thinks Trump's tariffs are 'terrible.' |url=https://www.nbcnews.com/business/business-news/smoot-hawley-tariff-act-relative-rcna199405 |access-date=2025-04-03 |website=NBC News |language=en}}</ref><ref>{{Cite web |title=Opinion {{!}} 'The Case for Tariffs' Confuses U.S. History |url=https://www.wsj.com/opinion/the-case-for-tariffs-confuses-u-s-history-smoot-hawley-depression-trump-64e73480 |access-date=2025-04-03 |website=WSJ |language=en-US}}</ref>