What do you think about about Trump’s tariffs? Will the tariffs be as bad as the Smoot-Hawley Act, which is blamed for deepening the Great Depression?

[u/FlyHighNow77777]

[u/Johnhaven]

 There will be no real incentive to ramp up domestic production unless a new even lower class is established

I can't imagine who is going to invest anything significant knowing the next president could just reverse everything Trump has done. Factories are not going to be reopened unless this persists through his term and then some. Even if this eventually provides some good, he will not likely be alive to see it.

[u/larsvondank → u/Johnhaven]

There is also no way to compete with developing nations bcs the salary levels are sooooo vastly different and factory running costs will be larger. Unless the salaries are brought to China/Vietnam etc. levels. Or ppl accept much higher prices, which is also a major dent in the standard of living.

[u/Johnhaven → u/larsvondank]

Higher prices are already a given even if he reversed everything right now. Jobs have been lost all over the nation. It costs money to rehire people, they renegotiate higher salaries to come back. That's kind of like what happened with inflation, when it came back down many prices didn't come down much because employees along the supply chain had all gotten raises.

He's not going to reverse this though and he's going to cause record unemployment. That's good for companies and drives down salaries for workers just based on supply and demand of labor alone.

The last time Republicans tried something like this was the Great Depression and after Democrats controlled the Senate for all but four of the following 50 years and 60 years for the House. So, there could be a silver lining.