- Over 1,300 economists rally against Trump’s 2025 tariff hikes.
- Critics link tariffs to 1930’s protectionism failures.
- Economists urge adherence to free trade principles.
Over 1,300 economists, including Nobel winners, jointly criticized President Trump’s tariffs enacted via executive orders since 2025. They compared these actions to 1930’s protectionist policies.
The declaration underscored how tariffs might distort market dynamics, harm consumer interests, and contravene constitutional principles. By drawing parallels to the 1930 Smoot-Hawley Act, economists highlighted potential threats to global trade foundations.
Economists Warn of 1930-like Market Distortions
Economists Criticize Tariff Policies enacted by Donald Trump since taking office in 2025, likening them to historic protectionist errors. Authored by Don Boudreaux and Phil Magness, the statement calls for a return to free trade principles.
The declaration argues that recent tariffs repeat past economic mistakes, citing the market distortions of 1930. Economists stress harmful effects on consumers and urge a return to founding American trade values, reminiscent of the principles of Thomas Jefferson.
“The president’s actions invert ‘the principles of liberty that ushered in an American-led age of human freedom and prosperity.’ … Do not ‘repeat the catastrophic errors of the Smoot-Hawley Tariff of 1930,’ leading to a retaliatory trade war that froze international trade.” — Don Boudreaux, Economist, Advocate for Free Trade
Trump’s Tariffs May Shift Crypto and Commodity Markets
Did you know? The 1930 Smoot-Hawley Tariff Act is often blamed for exacerbating the Great Depression. Similarly, experts warn Trump’s 2025 tariffs could destabilize modern trade frameworks.
Bitcoin’s price stands at $88,339.62, with a market cap of $1.75 trillion and a 24-hour trading volume increase of 41.67%. Bitcoin’s recent 24-hour price movement shows a 0.90% increase, despite its 90-day decrease of -15.86%. Latest data from CoinMarketCap, as of April 22, 2025.
The Coincu research team points out that financially, these tariffs may prompt shifts away from cryptocurrencies, impacting liquidity. They also warn of potential regulatory challenges if tariffs provoke prolonged global economic instability. Crypto policy shifts could become a major concern.
