Question

What were the historical examples of problems that arose from past trade arrangements?

Answer 1

The Boston Tea Party- That was the rallying cry at Griffin's Wharf in Boston on December 16 , 1773, when colonists waged a political revolt against taxes imposed by Great Britain, including the 1765 Stamp Act and the 1767 Townshend Acts, which regulated everything from newspapers and playing cards to art, glass and, even, tea. Britain eliminated all but the tea levy after the 1770 Boston Shooting, leading to a colonial embargo of the British East India Company and tea smuggling. A estimated 116 men threw 342 chests of tea on the night of the notorious tea party organised by the Sons of Liberty (which numbered John Hancock, John Adams and Paul Revere among its members), 92,000 pounds of stuff priced at about $1 million by today's standards.

Smoot- Hawley act 1930- In the early years of the Great Depression, President Herbert Hoover initially set out to deal with a farm crisis, proposing tariffs on food products. However, Senators Reed Smoot and Willis C. Hawley proposed proposals of their own and included a variety of agricultural tariffs. This was after a petition signed by 1,000 U.S. economists asking on Hoover to veto the proposal, without success. With tariffs on U.S. goods, the world replied, bringing more pressure on the still ravaged economy.

The Chicken Tariff War of the 1960s- The world replied to the growth of mass-produced, factory chicken farming in America by purchasing cheaper U.S. chickens, and chicken imports soared in Europe. With France and West Germany, who put tariffs on chickens, who did not sit well, leading to major losses in the U.S. poultry industry. The U.S., led by President Lyndon Johnson, fought back with a 25% tax on "light trucks," including Volkswagen buses, French brandy, potato starch and dextrin, with feathers, well, ruffled.