Part 5/9:
Turning to the international implications, Sachs expresses concern about the potential for retaliatory measures from trading partners, such as the European Union. He refers to historical precedents, noting that the original Smoot-Hawley Tariff in 1930 precipitated a catastrophic decline in international trade, exacerbating the Great Depression. He hopes that European nations will refrain from escalating protectionist measures in response to U.S. tariffs, advocating instead for continued open trade relations.