Infocus
Assessing downside risks: scenarios, triggers and thresholds
In the three years to 23 September 2026, MSCI World returned over 80%, equivalent to more than 20% per annum.
7 min read
When protectionism backfired: The Smoot-Hawley Tariff Act of 1930
Infocus
4 min read
When protectionism backfired: The Smoot-Hawley Tariff Act of 1930
With the Trump administration implementing wide ranging tariffs on US trading partners, it is useful to revisit the Smoot-Hawley Tariff Act, which was passed in 1930 and which was followed by a collapse in US trade and economic activity.