The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

Tariffs once fueled the US economy

US tariffs peaked in 1930 with the Smoot-Hawley Tariff Act, which slashed global trade by 65%. Once a key revenue source, tariffs gave way to income taxes in 1913, leading to decades of lower trade barriers. Today, US tariffs remain among the lowest worldwide.

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

The Tariff Act of 1789 was one of America's first acts

One of the first acts ever passed by the United States Congress instituted tariffs on foreign goods. The bill was sponsored by then-Congressman James Madison and signed into law by President George Washington. The goods the first Congress felt necessary to tax included Jamaican rum, playing cards, and—of course—British tea.

250 years of world trade history

Adam Smith’s revolutionary ideas about free trade were often ignored throughout American history to protect domestic industry—until World War II caused a shift in sentiment about global trade.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations

Data from the WTO shows that this effort was successful, resulting in a quadrupling of global trade in goods and a reduction of tariff rates of member states by 44%. This indicates that the post-World War II international efforts to create a more liberal trade environment have been successful.

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions

The US-China trade war is one example. While they aim to protect domestic industries, they can lead to higher prices for consumers and strained international relations.

The Great Depression was an international depression felt far beyond the US

Many countries suffered through a depression in the 1930s that the First World War, the US stock market crash, and an economic downturn in Germany turned into an international crisis.

The de minimis exemption was a US tariff loophole

Until Aug. 29, 2025, US consumers could purchase up to $800 of goods per day, directly from an overseas company without incurring any tariffs on the products.

The world's most famous case of deflation happened after Black Thursday

While the details are not fully agreed upon, many economists point to the Federal Reserve's tightening of the money supply as a prime culprit, leading to a significant deflationary spiral.

The Supreme Court ruled in February 2026 that Trump's emergency tariff powers didn't extend to imposing tariffs

In a 6-3 decision, the court held that the International Emergency Economic Powers Act—a 1977 law granting the president authority to regulate commerce during national emergencies—does not authorise the president to unilaterally impose tariffs, a power the Constitution reserves to Congress.

In the 1970s, the US experienced a period of stagflation

It was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

Hollywood helped fund American military activity by boosting bond sales

To help fund its WWI military activity, the US introduced Liberty Bonds—government-issued debt marketed directly to the public. Starting at $50, the campaign targeted working Americans and offered Thrift Stamps to make bond-buying more accessible. Hollywood led the charge, with stars like Charlie Chaplin and Mary Pickford boosting bond sales.

Governments have historically used counterfeiting for economic warfare

Inserting fake currency into an economy can help destabilize it. During the American Revolution, for instance, the British distributed counterfeit “Continental Dollars” in an effort to devalue the currency being used in the US at the time with the goal of undermining America’s growing financial credibility. The Nazis also ran an extensive counterfeiting scheme during WWII.

The National Housing Act established the Federal Housing Administration

During the Great Depression, 1,000 homes were foreclosed on per day, and half of the mortgages across the country defaulted. To address this crisis, President Franklin D. Roosevelt signed the National Housing Act. It established the Federal Housing Administration, which is still around today and helps protect lenders and buyers.

Explore the important legislation that has shaped US immigration policy

Read about pivotal immigration legislation from the 1882 Chinese Exclusion Act—the first law restricting immigration by nationality—through DACA, examining how economic conditions, national security concerns, and social attitudes shaped American immigration policy throughout history.

The US embargo on Cuba was designed to cause hardship and eventual regime change

A secret 1960 memo by State Department official Lester Mallory argued that trade restrictions were “the only foreseeable means” to unseat Castro by provoking hunger and desperation. This page compiles declassified US documents detailing that strategy and its aftermath.

Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

The US is one of two countries that abide by a predetermined borrowing limit

When the Treasury hits this “debt ceiling,” Congress has to pass a bill increasing the borrowing threshold. Failure to do so may lead to a financial crisis.

The Dow remains a shorthand for America’s economic health

For over a century, the Dow Jones Industrial Average has been one of the most closely watched market barometers. Its rises and falls dominate headlines and politics, shaping how Americans perceive the strength of their economy.

The Sahm rule attempts to predict recessions based on unemployment trends

The US is in a recession when the average US unemployment rate over three months rises by half a percentage point from a 12-month low, according to the Sahm rule.

Learn how the US tax code works and why it's important

First published in 1926, the US Code is the official codification of federal statutes in the US. Title 26 of the US Code, for instance, lists all of the federal tax laws of the United States. A new edition is published every six years.

The Marshall Plan aimed to rebuild Europe and limit Soviet influence

Launched in 1948, the Marshall Plan provided over $12B (roughly $150B today) in US aid to help rebuild Western Europe. While framed as economic recovery, it also served as a Cold War tool—tying countries to the US and excluding the Soviet bloc.

The attacks prompted a quick jump in American public support for war

In a Gallup poll taken days after the attack, an extraordinary 97% of Americans approved Congress declaring war on Japan—reflecting overwhelming national unity in the wake of the strike.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The US Constitution is widely regarded as the longest-standing written national constitution still in force—see how it has influenced rights worldwide.

Despite being favored by 87% of Americans, Congress does not have term limits.

View the ten deadliest tornadoes in US history.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

In 1984, Operation Smash Hit intentionally crashed a 239-ton train into a nuclear waste canister at 100 miles per hour to prove the canister's safety, which remained completely intact and lost just 0.29 of its 100 pounds of pressure.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

Browse a detailed visual analysis of over 200,000 similes—comparisons that often use 'like' or 'as'—from popular fiction to see how frequently writers the same idiomatic expressions.