European Exporters to Benefit From Collapse of US Import Tax Proposal

Cover Photo: European Olives | Tricia A. Mitchell

Congress attempted to implement an economic policy of import substitution by proposing a 20% tariff on imported goods. This archaic, Smoot-Hawley idea was designed to stimulate American manufacturing by making foreign products more expensive.

It failed to pass. As a result, European olive oil exporters can breathe a sigh of relief.

European Exporters to Benefit From Collapse of US Import Tax Proposal