Trump Mocked for Claiming Tariffs Could Have Prevented People Getting Rich

President Donald Trump’s bold assertion that tariffs in 1929 could have prevented the Great Depression has left many scratching their heads and others laughing out loud.

The comment came during his speech at the “Make America Wealthy Again” event on the White House lawn, where he shared his version of the events leading up to and following the stock market crash of 1929.

Trump’s assertion that the Great Depression could have been averted if the U.S. had kept its tariff policy in place during the late 1920s has sparked an outpouring of mockery, skepticism, and even outrage online.

Critics, economists, and social media users alike have been quick to correct the president's historical revisionism, with many pointing out that the exact opposite is true — tariffs played a role in exacerbating the depression, not preventing it.

Trump’s words have reignited an ongoing debate about the economic impact of tariffs, the Smoot-Hawley Tariff Act, and the possible repercussions of the reciprocal tariffs he has promised to impose on other countries starting April 5.

In his speech, Trump stated: “In 1913, for reasons unknown to mankind, they established income tax so citizens rather than foreign countries would start paying the money necessary to run our government,” he said, before quickly turning to the infamous Great Depression.

He then claimed that the Great Depression would never have happened “if they had stayed with the tariff policy.” Trump, in his characteristically bold manner, said that the U.S. government attempted to reinstate tariffs after the depression hit, but that the policy was no longer in place and it took years to recover.

Many listeners, both inside and outside the event, were stunned by the president’s remarks. While Trump’s supporters may have been swayed by his rhetoric, economic experts and history buffs were quick to point out the glaring inaccuracies in his understanding of the Great Depression’s causes and the role tariffs played in it.

The response on social media was swift and unforgiving. Users quickly pointed out that the Smoot-Hawley Tariff Act of 1930 — which Trump alluded to — was actually passed just one year after the Great Depression began, and in fact, exacerbated the economic crisis.

Smoot-Hawley was designed to protect American industries by imposing tariffs on imported goods, but instead, it triggered a global trade war. The act led to retaliatory tariffs by other countries, which led to a sharp decline in global trade, deepening the economic downturn.

The U.S. economy contracted further, and the global depression worsened.

One user shared a clip from the movie Ferris Bueller's Day Off, showing a high school teacher explaining the impact of the Smoot-Hawley Tariff Act on the economy. The clip became an instant hit, highlighting how Trump’s claim was directly contradicted by history.

Trump’s comments about tariffs and their role in the Great Depression were met with skepticism by economists, who were quick to set the record straight.

One of the key issues with Trump’s statement is that the Smoot-Hawley Tariff was not an isolated event; it was part of a series of economic policy decisions during the early 20th century that ultimately led to a global economic meltdown. “Trump’s claim that tariffs could have prevented the Great Depression is not only wrong but dangerous,” said Professor Linda Thompson, an economist at the University of Chicago.

"The Smoot-Hawley Tariff significantly restricted international trade, raised the cost of imported goods, and deepened the economic crisis, making recovery much slower.”

In fact, tariffs, especially those like Smoot-Hawley, were part of the protectionist policies that many economists now view as exacerbating the global depression. By making foreign goods more expensive, they harmed American consumers, increased unemployment, and damaged the global trade system.

Trump’s comment about the Great Depression and tariffs raises an important question about the economic direction of his administration and its stance on trade policy. The president’s current trade policies, including his recent threats of reciprocal tariffs on several countries, have drawn significant criticism from both economic experts and business leaders.

Trump’s “America First” trade agenda has largely been focused on protecting American industries, particularly manufacturing and agriculture, by imposing tariffs on countries like China, Mexico, and the European Union.

While the administration has argued that these tariffs are necessary to restore fairness and balance to global trade, the effects have been mixed at best.

In particular, the ongoing trade war with China has led to higher prices for consumers, disruptions to supply chains, and a slowdown in economic growth. Additionally, the tariffs have had a negative impact on U.S. farmers, who have faced retaliatory tariffs from China and other countries, making it harder for them to sell their products abroad.

The internet wasted no time pointing out the flaws in Trump’s economic logic. Robert Reich, former U.S. Secretary of Labor, posted a video explaining how Trump’s tariffs would “transfer wealth from working people into the hands of billionaires” and that such tariffs would likely lead to a massive economic crisis, not prevent one.

Reich referred to Trump’s tariffs as a “scandal” and a “dangerous path” that could hurt the economy in the long term. “Trump’s tariffs will result in a massive transfer of wealth from working people into the hands of millionaires and billionaires,” Reich said in the video. “It’s an economic strategy that fails to understand the basic mechanics of global trade.”

Trump’s speech and subsequent announcement of new reciprocal tariffs on foreign goods didn’t just make waves on social media — it had an immediate impact on the stock market. As Trump made his comments about tariffs, the stock market took a sharp dive.

CNBC’s real-time coverage showed the direct correlation between the announcement of tariffs and the subsequent drop in stock prices. “Oh my god. At the exact moment Trump announced his tariffs, the market crashed in real time,” said one Twitter user, sharing a side-by-side comparison of the stock market's performance and Trump’s speech.

Other users expressed their frustration with Trump’s economic policies, with one stating, “The stock market is now tanking as Donald Trump babbles about tariffs. Bravo, nimrod.”

The reaction highlighted the deep skepticism surrounding Trump’s trade policies and their broader impact on the U.S. economy.

In the midst of the uproar, one glaring question arose: why Russia appeared to be exempt from Trump’s new tariff policies. Users pointed out that Russia was notably absent from the list of countries affected by Trump’s new tariffs, which added another layer of mystery and inconsistency to the situation.

“Can anyone tell me why Russia is just about the only country — if not the ONLY country — that is exempt from Trump’s tariffs?” tweeted political analyst Jon Cooper.

This exemption only added fuel to the fire, with many users wondering if there were underlying geopolitical reasons for this exemption, especially given Trump’s relationship with Russian President Vladimir Putin.

As Trump’s tariffs continue to spark debate and controversy, the long-term effects of his trade policies remain to be seen. Economists, business leaders, and ordinary consumers are left to wonder whether these policies will ultimately achieve their intended goal of rebalancing trade or whether they will cause even more economic pain.

With the stock market volatility, increased costs for consumers, and the backlash from both sides of the political spectrum, it seems clear that Trump’s tariff strategy will remain a point of contention throughout his presidency. Whether it’s protecting American jobs or causing economic harm, Trump’s approach to tariffs is undoubtedly one of the most controversial aspects of his presidency.