A Short History of Tariffs

Widespread tariffs are a bad idea. How do I know this? History shows they don’t work. Let’s look back. JP Morgan’s Michael Cembalest wrote about President McKinley’s disastrous tariffs in the late-1800s: President William McKinley tariffs were very popular at the time they were enacted, but they caused an almost immediate inflation spike. Voters were very unhappy: a few months later, the GOP lost 1...