Mitchener, Kris; Wandschneider, Kirsten; O'Rourke, … - National Bureau of Economic Research - 2021
We document the outbreak of a trade war after the U.S. adopted the Smoot-Hawley tariff in June 1930. U.S. trade … retaliate by increasing their tariffs on imports from the United States. Using a new quarterly dataset on bilateral trade for 99 … possible mechanism whereby the U.S. was targeted despite countries' MFN obligations. The retaliators' welfare gains from trade …