U.S. President Donald Trump has slapped tariffs on billions of dollars’ worth of goods from Canada, the European Union, Mexico and China.
And as countries strike back, tit-for-tat, economic and diplomatic tensions continue to escalate across the globe.
Prime Minister Justin Trudeau even referred to the tariffs as “insulting” during an interview last month, highlighting the growing acrimony between two nations once considered bedrock allies.
In the wake of tariffs imposed on steel and aluminum, and retaliatory levies by the Canadian government on certain U.S. products, some consumers are considering boycotting U.S. made products and focus their spending within Canada, to show solidarity.
WATCH: IMF warns G20 leaders that tariffs will harm global economy
So what is a trade war? Has protectionism and imposing tariffs ever worked to boost domestic jobs?
In the video, we take an important history lesson from 1980s classic Ferris Bueller’s Day Off, in which Ben Stein explains the impact of the infamous Smoot-Hawley Tariff Act. Anyone? Anyone?
The video also explores who the biggest victims of a trade war are, including consumers and ketchup-lovers alike, as well as what it takes to win a trade war.