Part 4/10:
Historically, trade agreements have evolved significantly, and previous policies, such as the Smoot-Hawley Tariff Act of 1930, serve as cautionary tales regarding the potential repercussions of excessive protectionism. During Trump’s first presidency, the average tariff on Chinese imports surged from approximately 3% to nearly 20%. Rather than reversing these policies, President Joe Biden has continued along this path, suggesting a possible bipartisan acceptance of such protective measures in American trade.