4/22(Tue)"The impact of high tariffs and what we can learn from past trade wars" (Host: Neo Lu)

[mmgg6006]

Hi everyone!

Today, we’ll be exploring a topic that’s not only historically significant but also highly relevant to modern global trade — the impact of high tariffs and what we can learn from past trade wars. We chose this topic because many countries, including Taiwan and the U.S., are currently dealing with trade tensions and economic uncertainty. Understanding how similar situations played out in the past can give us insight into what might happen next — and how governments and businesses should respond.
We’ll be using two short English materials to guide our discussion:
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Article Summary
Title: Smoot-Hawley Tariff Act | History, Effects, & Facts
Source: Encyclopedia Britannica
Link: https://www.britannica.com/topic/Smoot- ... Tariff-Act
This article gives us an overview of the Smoot-Hawley Tariff Act, a major trade law passed in the U.S. in 1930. It raised tariffs on thousands of imported goods to protect American industries during the Great Depression — but instead of helping the economy, it triggered a wave of retaliatory tariffs from other countries, reduced global trade, and worsened the depression. The article explains how this one decision had long-term consequences on both American and global economies.
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Video Summary
Title: The Smoot-Hawley Tariff Act Legacy
Source: Cato Institute
Link: https://www.cato.org/multimedia/cato-vi ... act-legacy
This short video, presented by economist Douglas Irwin, focuses on the legacy of the Smoot-Hawley Tariff Act. He explains how it shaped U.S. trade policy, how it became a warning against protectionism, and why it is still used as an example when discussing modern trade wars — like the recent U.S.-China and U.S.-Taiwan tariff conflicts.
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10 Advanced Business and Historical English Vocabulary Terms
1. Protectionism – Economic policy of restricting imports to protect domestic industries.
2. Retaliatory tariffs – Duties imposed by a country in response to tariffs placed on its exports.
3. Trade barriers – Government-imposed restrictions on international trade.
4. Economic downturn – A period when the economy shrinks, leading to reduced industrial activity and increased unemployment.
5. Global trade contraction – A significant decline in international trade volumes.
6. Beggar-thy-neighbor policy – Economic policies that benefit one country at the expense of others.
7. Tariff escalation – The process of increasing tariffs, often leading to trade wars.
8. Import duties – Taxes imposed on imported goods.
9. Trade isolationism – A policy of minimizing trade with other countries to protect domestic industries.
10. Economic nationalism – Policies that prioritize domestic industries and labor over international cooperation.
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Discussion Topics
Theme 1: Historical Impacts of Tariff Policies
1. How did the Smoot-Hawley Tariff Act contribute to the global economic downturn during the Great Depression?
2. What were the international responses to the Smoot-Hawley Tariff, and how did they affect global trade relations?
3. Can parallels be drawn between the Smoot-Hawley Tariff and modern protectionist policies?

Theme 2: Lessons for Contemporary Trade Policy
4. What lessons can current policymakers learn from the economic consequences of the Smoot-Hawley Tariff Act?
5. How do protectionist policies impact global supply chains in today's interconnected economy?
6. In what ways can international cooperation mitigate the negative effects of high tariffs?

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Agenda:
6:45 ~ 7:00pm Greetings & Free Talk / Ordering Beverage or Meal / Getting Newcomer’s Information
7:00 ~ 7:10pm Opening Remarks / Newcomer’s Self-introduction / Grouping
(Session I)
7:10 ~ 7:45pm Discussion Session (35 mins)
7:45 ~ 8:00pm Summarization (15 mins)
8:00 ~ 8:05pm Regrouping / Instruction Giving / Taking a 5 Minutes Break (Intermission)
(Session II)
8:05 ~ 8:40pm Discussion Session (35 mins)
8:40 ~ 8:55pm Summarization (15 mins)
8:55 ~ 9:00pm Concluding Remarks / Announcements
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Meeting Date: As shown on the Subject Line
Meeting Time: 7:00pm – 9:00pm
Meeting Venue: 丹堤咖啡 Dante Coffee (Minimum Order $85)
Address: 台北市濟南路三段25號[MAP]-捷運忠孝新生站3號出口步行3分鐘

Important Notes:
1. We suggest that participants read the articles and think about the questions in advance.
2. Newcomers should prepare a two-to-three-minute self-introduction in English to deliver when called upon by the host before the start of the discussion.
3. We welcome newcomers and other guests to attend the meetings and join the discussion freely for three times. After that, we hope you will consider becoming a YoYo English Club member. We charge a NT$1000 lifetime membership fee, or NT$500 for students.

[Iris Wu]

Today’s meeting primarily focuses on drawing lessons from a historical event—the Smoot-Hawley Tariff Act of the 1930s—to better understand current U.S. trade policies.

It made me wonder: if we can all learn from this example, why couldn’t Trump’s top-tier economic and financial advisers? Are they simply ignoring the lesson, or is there something deeper and more strategic in their thinking?

To explore this, I used several AI applications to gather insights, combined their findings, and fed the results into another AI tool to generate this podcast:
https://notebooklm.google.com/notebook/ ... 899d/audio

For me, this process helps digest content from multiple sources more easily, and by listening to the podcast, I also reduce my screen time and eye strain. Essentially, I utilized this topic as an opportunity to refine my experience with AI tools.