Republican Warns Tariffs Spurred 'Worst Depression We've Ever Had' [View all]

Source: Newsweek

Published Apr 06, 2025 at 2:47 PM EDT | Updated Apr 06, 2025 at 5:22 PM EDT


Representative Don Bacon, a Nebraska Republican working to curb some of President Donald Trump's tariff authority, said Sunday that his party's historic support of tariffs led to the "worst depression we've ever had," pointing to the economic crisis that started in 1929 and carried through the 1930s. "We learned from that, that tariffs and protectionism does not work," he told Margaret Brennan, host of CBS News' Face the Nation on Sunday.

Why It Matters

Trump's April 2 announcement of sweeping global tariffs included new tariffs on all imported goods from 180 countries as well as a list of "reciprocal duties" targeting dozens of countries in an effort to reportedly combat trade imbalances and restore America's manufacturing industry. The president has hailed the tariffs as the country's "declaration of economic independence."

However, Trump's shakeup of international trade has rattled global and domestic markets, with Wall Street tanking over the past few days, marking the worst days for the U.S. stock markets since 2020.

Economists have warned of the likelihood of a recession, while the Trump administration has not ruled out the possibility, noting the transition period will be marked with some market "disruption." On Saturday, Trump urged Americans to "hang tough" amid market volatility and the announcement of reciprocal tariffs by other countries, including China.

Read more: https://www.newsweek.com/don-bacon-tariffs-spurred-worst-depression-ever-had-2056024