The concept of the “Great Depression” has gained traction among the social media influencers in first week of April 2025, largely driven by discussions surrounding the US tariff turmoil and concerns about potential economic downturns. The surge in discussion is closely tied to comparisons being drawn between the current economic policies, particularly tariffs, and those enacted during the lead-up to the Great Depression, specifically the Smoot-Hawley Tariff Act of 1930, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

The increased tariffs have become a central point of discussion, triggering concerns about potential trade wars, slower GDP growth, and overall economic instability.

Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers, largely concerned and apprehensive, are using the historical context of the Great Depression to frame their analysis of current economic trends and policies, drawing direct parallels to the events preceding the depression and sparking wider conversations about potential consequences.

“Certain influencers express grave concern that tariffs, with the US rates potentially escalating and surpassing the peak of the Smoot-Hawley era, may precipitate a global trade war and inflict substantial damage upon the economy. They also point out that the implementation of tariffs could result in higher prices for consumers, reduced global competitiveness for the US companies, and, consequently, a broader economic downturn.”

Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

1. Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management:

“This was a historic week We just witnessed the biggest economic policy mistake since the Great Depression And they don’t even care”

2. Phillips P. OBrien, Professor of Strategic Studies at University of St Andrews:

“Amazing that Trump talked about the Great Depression and forgot the Smoot-Hawley Tariff–which he seems to be emulating pretty closely….”

3. Jason Goepfert, Consultant at White Oak Consultancy LLC:

“Futures indicate another loss in the Dow Industrials greater than -3%. Futures are finicky, but that’d be its 3rd consecutive loss greater than -3%. Since 1896 – 129 years of history – this only occurred during the Great Depression.”

4. Steve Hanke, Professor of Applied Economics at Johns Hopkins University:

“The US economy has developed some tell-tale signs of the Great Depression. The money supply has contracted. That means an economic slowdown is BAKED IN THE CAKE. Like the Smoot-Hawley Tariffs of 1930, Trump’s tariffs are putting massive downward pressure on the economy.”

5. Shane Wright, National Economics Correspondent:

“Trump re-writing the history of the Great Depression, saying wouldn’t have happened if the US had stayed with tariffs. Of course, the Smoot-Hawley tariffs made worse the depression which wasn’t caused by tariffs…”