Posts  / #POST-203817
REDDIT

Just give this peace of evidence to Donald J. Trump. I guess he skipped economy class

B
Mar 26, 2025 · 14:40

Please forward this to Donald J. Trump, who wants to bring a Great Depression 2.0 to the global economy.

"The world economy and geopolitics have evolved significantly since the Great Depression and what happened then may not happen now. However, history can perhaps provide some small insight. After the Smoot-Hawley act passed, US imports fell by 66% from US$4.4 billion in 1929, to $1.5b in 1933. So that must have been good for domestic industries? Well no, because other countries punched back with their own tariffs, and sourced imports from other countries. As a result, US exports fell by 61% to $2.1b and gross national product (GNP) fell from $103.1b to $55.6b in 1933. The factories producing export goods couldn’t sell their products, so staff lost their jobs. Unemployment at 8% in 1930 jumped to 16% in 1931 and 25% in 1932-33."