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Kent JonesThe Conversation |
The ruling strikes down most of the Trump administration’s current tariffs, with more limited options to replace them.
Justices are currently looking at whether Trump’s tariffs are constitutional. But that ruling won’t shed any light on whether they are wise.
The last major U.S. tariff law was the Smoot-Hawley Tariff Act of 1930, which established an average tariff rate of 20% on all imports by 1933.
Tariffs are taxes on imports, but the costs don’t stay at the border.
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