Tariff hikes are a major risk [for investors]. The average effective U.S. tariff rate is currently around 15%. The last time U.S. tariffs were this high was in the mid-1930s, during the Great Depression. Many believe that the Smoot-Hawley tariffs (signed into law on June 17, 1930) were a major contributing factor for that extended depression.
~ Fred Hickey
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