New England in a previous trade war….

From generative AI

“The Smoot-Hawley Tariff Act of 1930 significantly harmed the New England economy by drastically reducing exports, particularly in the textile industry, as other countries retaliated with their own tariffs, leading to a decline in international trade and further exacerbating the Great Depression in the region; this resulted in job losses, factory closures, and depressed wages in key New England manufacturing sectors. 

Key points about the Smoot-Hawley impact on New England:

• Textile industry hit hard:

  New England was a major center for textile production, and with increased tariffs on imported goods, foreign markets retaliated by reducing their purchases of New England textiles, causing significant economic hardship in the region. 

• Reduced export markets:

  The tariff act led to a sharp decline in U.S. exports overall, as other countries imposed retaliatory tariffs, which directly affected New England businesses heavily reliant on international trade. 

• Job losses and factory closures:

  Due to reduced demand for exported goods, many textile factories in New England were forced to scale back production or shut down, resulting in widespread job losses. 

• Wage depression:

  With high unemployment in the region, wages for textile workers in New England also fell, further impacting the local economy.”