The newest trend in the financial sector, cryptocurrency, has made a significant step toward widespread acceptance through the El Salvadorian government’s decision to make bitcoin legal tender in the country. According to CNN, the currency was officially introduced to the country during the week of September 7 and was marked by the government officially purchasing bitcoin.
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Tariffs have led to devastating results throughout history. Alexander Hamilton’s tariffs attempted to protect fledgling American businesses from British competition, resulting in higher domestic prices, inefficient business models, and finally the War of 1812. Another example is the 1930 Smoot-Hawley Tariff; duties on all goods were raised to a whopping 60 percent. According to PRI, it just so happens that the highest tariff in history was implemented on the eve of the Great Depression. They simply cause economic pain.
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