Inflation by Tariff Never Happened

Our future hangs in the balance, and tariffs are the key;

Douglas V. Gibbs ——Bio and Archives--February 25, 2026

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Tariffs have been a common tool of American statecraft since the founding. Though often portrayed as harmful by powerful economic and ideological interests, they have historically been central to debates over national prosperity and sovereignty.

From 1789 through the late nineteenth century, tariffs supplied most federal revenue. Early leaders viewed them as essential to economic independence and a normal instrument of governance.

Over time, however, free‑trade ideology gained influence. Economists labeled tariffs “distortions,” and international institutions promoted tariff reduction as a moral imperative. As Marxist thought spread through academia and media, tariffs were recast as backward “protectionism,” even though nations continued using them aggressively.

The turning point in the public imagination was Smoot–Hawley. Though enacted after the 1929 crash, it became a convenient scapegoat for the Great Depression. When I entered AM radio, a co‑host reflexively blamed Smoot–Hawley for the economic collapse rather than the Federal Reserve as I claimed, echoing the Keynesian cautionary tale still repeated today. The myth stuck: tariffs supposedly caused global catastrophe, even as other nations freely imposed steep duties on American goods.

This imbalance encouraged multinational corporations to embrace offshoring and global supply chains. Corporate lobbies and think tanks framed any U.S.........

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