Donald Trump has a catchy phrase: “Make America Great Again.” But in every major area that presidential politics must address, serious doubts arise as to foreign policy, domestic policy, and economic policy. If he is to succeed in economic policy (if he becomes president), he will need to rethink what he's been saying about trade policy. As it is, he'd be an improvement over Barack Obama, and be much, much better than Hillary Clinton.
[I]f losses of GNP were not evenly distributed across the economy but were concentrated (say, in export-oriented states), the tariff most likely distorted monetary conditions significantly. Two percent of GNP does not sound like a big change, but if it’s concentrated in one-fifth to one-third of the states, it’s very large indeed. The tariff dramatically lowered U.S. exports, from $7 billion in 1929 to $2.4 billion in 1932, and a large portion of U.S. exports were agricultural; therefore it cannot be assumed that the microeconomic inefficiencies were evenly distributed. Many individual states suffered severe drops in farm incomes due to collapsing export markets arising from foreign retaliation, and it’s no coincidence that rural farm banks in the Midwest and southern states began failing by the thousands.