In arguing for more tariffs on goods imported to the United States, President Donald Trump has repeatedly claimed that the U.S. was its “richest” or “wealthiest” during the late 1800s and early 1900s because of tariffs. In multiple ways, his claim is wrong or misleading.
In terms of the overall U.S. economy, real (inflation-adjusted) gross domestic product per capita is many times higher today than it was during the so-called Gilded Age, which was a post-Civil War period of...
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