Stay Ahead, Stay Global 
Nearly a century ago, the U.S. government enacted the Smoot-Hawley Tariff Act to shield domestic industries—but ended up deepening the Great Depression. Fast forward to today, and history seems to be repeating itself. As new tariffs take shape, global citizens from tech hubs in Berlin to startup alleys in Bangalore are bracing for another "Tariff-ic" disaster.
Back in 1930, tariffs soared to record highs, prompting trading partners to retaliate and choke off exports. The result? World trade volumes plunged, factories shut their doors, and millions lost jobs. Now, in our hyper-connected economy—where a smartphone can cross continents multiple times during assembly—a trade skirmish can ripple through supply chains in hours, not months.
Entrepreneurs and small businesses, long praised as engines of innovation, could find themselves squeezed between higher input costs and shrinking markets. Tech startups may struggle to secure affordable components, driving up prices for everything from laptops to solar panels. Meanwhile, travelers and digital nomads could face steeper prices on essentials and services worldwide.
Thought leaders warn that consumer prices may rise, economic growth could slow, and geopolitical tensions are likely to intensify. Are we on the brink of a self-inflicted economic setback? The key question remains: Has America learned nothing from its own history, or is it time to rewrite the playbook before another global downturn?
Reference(s):
cgtn.com
