April 22, 2025 – A coalition of over 1,300 economists, including several Nobel laureates, has issued a formal declaration criticizing President Donald Trump’s tariff policies enacted since his return to office in 2025. The joint statement warns that these measures echo the economic missteps of the 1930 Smoot-Hawley Tariff Act, widely regarded as a contributing factor to the Great Depression.
The declaration, authored by economists Don Boudreaux and Phil Magness, argues that the current tariff strategy distorts market dynamics, raises consumer costs, and undermines the constitutional framework for trade governance. It calls for a recommitment to free-market principles and warns against repeating historical protectionist errors.
“Do not repeat the catastrophic errors of the Smoot-Hawley Tariff of 1930,” Boudreaux stated. “The president’s actions invert the principles of liberty that ushered in an American-led age of human freedom and prosperity.” The economists emphasized that retaliatory trade measures risk freezing international commerce and damaging the foundations of global trade.
As global markets assess the potential impact of U.S. tariff expansions, analysts are monitoring possible shifts in digital asset and commodity flows. According to Coincu Research, the 2025 tariffs may influence cryptocurrency markets by increasing regulatory uncertainty and reducing capital liquidity. Prolonged trade instability could prompt investors to reevaluate exposure to decentralized assets amid tightening policy environments.
Despite these concerns, Bitcoin has shown short-term resilience. As of April 22, Bitcoin is trading at $88,339.62, with a market capitalization of $1.75 trillion. Daily trading volume increased 41.67% over 24 hours, while the asset posted a modest 0.90% daily gain despite a 90-day decline of 15.86%, according to CoinMarketCap.
Market participants are closely watching for potential regulatory responses and macroeconomic signals, as U.S. trade policies continue to shape global investment trends and risk appetite across financial markets.
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Trump Tariffs Draw Smoot-Hawley Comparison From 1,300 Economists
1,300+ economists warn Trump’s 2025 tariffs echo 1930 errors; Bitcoin holds at $88.3K amid rising trade fears and global investment uncertainty.
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