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While announcing widespread rates on Wednesday, President Donald Trump claimed that the Great Depression would never have happened if the US had held at the tariff policy – although experts say the tariffs at that time worsened the economy.
Trump indicated that problems began after an income tax was launched in 1913. Before the US relied on rates.
“From 1789 to 1913 we were a nation with a rates, and the United States were proportionally the richest it has ever been,” the president argued.
The US raised “so much money, so fast that we didn’t know what to do with it,” Trump claims.
“Then, in 1913, for reasons unknown to humanity, they drafted the income tax so that citizens, rather than foreign countries, would pay the money needed to manage our government,” he said.
Rates imposed on foreign goods are not paid by foreign countries, as Trump often claims falsely.
US tariffs imposed on imported goods are paid to the US government by companies in the US that import the goods. Many, if not all, are passed on to consumers in the form of higher purchasing prices.
Trump claimed on Wednesday that the good times in the US in 1929 “all came to a very sudden end with the Great Depression.
“It would never have happened if they had stayed at the tariff policy; it would have been a very different story,” Trump insisted. “They tried to bring rates back to save our country, but it was gone. It was gone. It was too late, nothing could have been done. ‘
Trump outlined the false argument when he announced a 10 percent tariff on all countries, a higher reciprocal rate on about 60 countries and a 25 percent rate on foreign -manufactured cars.
As for the time before the depression, Republicans presented an amendment to income tax in 1913 when farmers struggled, and Democrats used the measure, and the 16th amendment tax became legislation.
At approximately the same time, the congress accepted the Tariff Act of Underwood Simmons, which lowered the tax rates when Democrats drove for free trade. However, rates were again increased under the leadership of Republican President Warren Harding.
The 1930 Smoot Hawley Tariff Act has raised rates on thousands of goods, and is commonly seen as the economic downward spiral. Smoot-Hawley “remains a password for the dangers of protectionism,” says the office of the State Department’s historian.
“Smoot-Hawley has done nothing to promote cooperation between countries in the economic or political field during a dangerous era in international relations,” the website states. “It quickly became a symbol of the ‘beggar-U-Neigbor’ policy of the thirties. Such policies, adopted by many countries during this time, contributed to a drastic contraction of international trade.”
The law is regarded as the economic decline that lasted between 1929 and 1939, as it undermined international trade and drastically reduced the country’s revenue from products.
Trump on Wednesday argued that it took years and years to get out of the depression, much longer than even FDR had that office there for a long time. “
The depression ended in 1939 amid the beginning of World War II, and President Franklin D. Roosevelt remained in office from 1933 to 1945 and became the only president serving more than two terms.
Trump spoke of his extensive rates in the rose garden and pointed out the system of ramps built for Roosevelt, which used a wheelchair.
“Every time you walk up, you think of him. And he did a good job in many ways but [the Great Depression] Like you know, have long lasted outside his conditions. But it’s not too late, ‘said Trump.
The depression ends six years before FDR left office.
The remarks of the president come because he refused to exclude that he had a constitutionally broken third term, which was prevented under the 22nd amendment approved in 1951, following Roosevelt’s four officials.
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