Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 02 AUGUST 2024

Tariffs And Trade

IR Global
Explore more from IR Global

"Those who cannot remember the past are condemned to repeat it." – George Santayana.

United StatesInternational Law
Brad Menard (Braumiller Consulting Group)
Brad Menard (Braumiller Consulting Group)
Author LinkedIn connections

"Those who cannot remember the past are condemned to repeat it." – George Santayana. As an example of this I present to you the Smoot-Hawley Tariff Act of 1930. If you are not familiar with this, it is worth taking a moment to research. The parallels to the current situation with trade and increasing tariffs are uncanny and likely to continue, regardless of who is elected President later this year.

The Smoot-Hawley Tariff Act of 1930 was enacted by Congress to protect U.S. farmers from foreign competition by increasing tariffs on certain foreign goods. It was also supposed to protect certain US industries from foreign competition. However, it did not work then, and is not likely to work now. We find ourselves repeating the mistakes of the past, potentially looking in the face of the same, if not worse, repercussions.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

U.S.-China Trade Truce Extended Two Months: BIS Affiliates Rule Suspension Follows

The U.S.-China trade truce has been extended through January 10, 2027, pushing back the effective date of the Bureau of Industry and Security's Affiliates Rule. While the suspension delays immediate compliance obligations, the rule remains in place and companies should use this additional time to prepare their compliance programs before the suspension potentially expires.
GlobalInternational Law
Crowell & Moring LLP
Crowell & Moring LLP
Article

The Lindsey Graham Sanctions Act: What Businesses Need To Know About The New Tariffs

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act into law on September 18, 2026, establishing mandatory tariffs of up to 500% on Russian goods and up to 100% on goods from countries that continue to buy Russian energy. The Act targets major importers like China, India, and Turkey, with limited relief mechanisms including natural gas exceptions, presidential waivers, and a 270-day winddown period for entities divesting from Russian operations.
GlobalInternational Law
Crowell & Moring LLP
Crowell & Moring LLP
Article

Updates On Export Controls Impacting AI & Advanced Computing

The U.S. Department of Commerce's Bureau of Industry and Security issued guidance on May 31, 2026, clarifying licensing requirements for advanced computing items and AI technologies. The guidance maintains export restrictions for entities in certain countries while providing limited relief for data center operators, though questions remain about future regulatory direction. Companies must now strengthen their compliance programs and supply-chain due diligence as BIS continues to prioritize national security
GlobalInternational Law
Finnegan, Henderson, Farabow, Garrett & Dunner LLP
Finnegan, Henderson, Farabow, Garrett & Dunner LLP