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BRUSSELS/BEIJING, March 7-- In 1930, the Smoot-Hawley Tariff Act sponsored by U.S. Senator Reed Smoot and Representative Willis Hawley was signed into law. By raising U.S. tariffs on more than 20,000 imported goods, Smoot and Hawley promised America would start winning again. Sounds familiar? Eighty-eight years later, by announcing planned steep tariffs on steel and aluminum imports, U.S. President Donald Trump made similar promises to defend U.S. workers from what he calls the "carnage" of "terrible trade deals." Smoot and Hawley's promise had turned out to be empty. Their act only exacerbated the Great Depression and further destabilized the international order. What is awaiting the United States this time? BACKLASH AT HOME The planned new tariffs mark a fresh endeavor for the "America First" policy. Moving from rhetoric to action, the White House said the United States is set to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum imports to protect the U.S. industry. However, even core members of the U.S. administration do not believe the measure will work. The latest repercussion of the protectionist stance came from Gary Cohn, who has decided to resign as Trump's top economic adviser. The former Goldman Sachs executive, who had a steady influence on U.S. economic policy, chose to leave due to a "fierce disagreement" over the president's decision on steel and aluminum imports tariffs. | 
