A closer look
In a masterclass of legislative self-sabotage, US politicians decided to "protect" domestic farmers during the Great Depression by passing the Smoot-Hawley Tariff Act, slapping massive import taxes on 20,000 foreign goods. The rest of the world instantly retaliated with their own tariffs, triggering a brutal, cascading global trade war. US exports plummeted by over 60%, farms went bankrupt anyway, and global trade basically ground to a halt. It was the economic equivalent of punching yourself in the face to hurt the guy behind you.
