The "Buy American" provision in the stimulus package, voted by the House yesterday, is outrageous. Trade wars are exactly what we need to make current Great Depression 2.0 a long term scenario.
In 1930, trade wasn't that important. Countries traded goods, but most production chains were localized in countries. It's absolutely different now. Processors are made in USA, memory chips and disks in Korea, optical drives in China, motherboards in Philippines, everything is assembled in China and a US-made operating system installed. Just raise tariffs a little bit and the final price can easily jump 50%!
Trade wars right now are basically collective economic suicide of the world. The chaos they can bring would be much worse than what we had in 1930. Everybody knows what followed. Do we want World War III as a result of Great Depression 2.0?
They are idiots and they don't know what they are doing.