10-07-2011, 12:12 PM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Why be a member in the WTO ...
Quote:
The Tariff Act of 1930, otherwise known as the Smoot?Hawley Tariff (P.L. 71-361)[1] was an act, sponsored by United States Senator Reed Smoot and Representative Willis C. Hawley, and signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels.[2]
The overall level tariffs under the Tariff were the second-highest in U.S. history, exceeded by a small margin only by the Tariff of 1828[3] and the ensuing retaliatory tariffs by U.S. trading partners reduced American exports and imports by more than half.
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Oh wait, the alternatives are not so great ...
We live on cheap goods produced in China.
WalMart (the 18 largest economy in the world) would have bare shelves.
No, they would just buy from some other source in Asia and the wheel keeps turning ...
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