Why it matters: Smoot was long thought to be moot — widely considered a failure and, possibly, an exacerbating factor in the Great Depression.
Trump has repeatedly said that he doesn't want to be associated with Hoover, who presided over the country during that economic collapse and has forever been associated with it.
"The irony just writes itself in some sense," Douglas Irwin, an economics professor at Dartmouth and author of "Clashing over Commerce: A history of U.S. trade policy," tells Axios.
President Trump threatened Friday to impose "a substantial tariff" on the European Union over the bloc's penalties against U.S. technology companies.
Why it matters: It opens a new front in the transatlantic trade dispute, with Trump signaling he's willing to use tariffs to retaliate against European regulation of American tech giants.
Nvidia CEO Jensen Huang thinks the artificial intelligence revolution is a wellspring of new jobs, rather than a labor market grim reaper set to bring on the employment apocalypse.
The big picture: Huang's optimism puts him at odds with the dire warnings of a white-collar bloodbath.
The world is wealthier than ever before. But it is built on ever-more stretched valuations of paper assets, rather than real output. How that wedge resolves itself will determine the future of the world's major economies.
The big picture: That's the implication of new research out this week from the consulting firm McKinsey, which lays out both the shocking numerical scale of global wealth accumulation — and the hazards created by its composition.
The White Househas found new legal ways to keep tariffs flowing. But it's not enough to fully replace the revenue from the import taxes the Supreme Court struck down.
The intrigue: The administration's replacement tariffs would raise about $105 billion a year — replacing about 60% of the revenue lost when the Supreme Court invalidated the administration's emergency tariff regime, according to the Committee for a Responsible Federal Budget.
Nvidia CEO Jensen Huang says that despite the chip industry's long history of boom-and-bust behavior, "this time is different."
Why it matters: As the leader of the world's most valuable public company and the most important maker of AI semiconductors, Huang's words carry weight when it comes to an industry that is increasingly driving the markets and the economy.
Why it matters: The term is an increasingly popular shorthand for the bottlenecks tying up the oil market and the AI buildout — and sometimes the entire economy — as the old global economic order gives way to intensifying competition and outright war.
