In 1938, the Des Moines Register argued that high tariffs didn’t just hurt trade—they were a key cause of the economic slump gripping the country. The article, citing analysis from a leading agricultural economist, laid out how tariffs that were meant to protect American industries actually harmed them by raising consumer prices, isolating the U.S. from global markets, and hitting farmers especially hard.
The editorial pointed out that high protective tariffs—some as high as 50%—caused other nations to retaliate, drying up export markets for American goods. While manufacturers may have benefited in the short term, farmers ended up “hit twice”—paying more for goods while earning less from exports. The U.S., the article noted, went from being a creditor nation to a debtor nation during this period, in part due to shrinking international trade.
The Register made a clear case that tariffs weren’t just an economic misstep—they were a driver of global financial instability. To recover, it called for the U.S. to work with other nations to reduce trade barriers, expand markets, and encourage international cooperation.
“High Tariff and Slump Linked as Cause and Effect” The Des Moines Register — July 5, 1938 05 Jul 1938, Tue The Des Moines Register (Des Moines, Iowa) Newspapers.com
