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The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Great Depression. [5] Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression. [6]
In 1930, the president signed the Smoot-Hawley Tariff Act into law. Over 1,000 economists signed a petition against the Tariff Act, but it passed and was signed anyway. Smoot-Hawley levied 40% to ...
Smoot-Hawley ultimately raised tariffs on tens of thousands of products, and trade policy analyst Bill Krist points out that by the end of 1934, global trade had tanked by 66% from 1929 levels.
The key difference is that America now has excessively high consumption, while it had low consumption and excess savings when the Smoot-Hawley Tariff Act was passed in 1930.
Smoot is primarily remembered as the co-sponsor of the 1930 Smoot–Hawley Tariff Act, which increased almost 900 American import duties. Criticized at the time as having "intensified nationalism all over the world" by Thomas Lamont of J.P. Morgan & Co., [2] Smoot–Hawley is widely regarded as one of the catalysts for the worsening Great ...
The Smoot–Hawley Tariff Act was signed by Hoover on June 17, 1930, while the Wall Street crash took place in the fall of 1929. Most of the trade contraction occurred between January 1930 and July 1932, before most protectionist measures were introduced, except for the limited measures applied by the United States in the summer of 1930.
The Ghost of Smoot-Hawley. In 1930, Congress passed the Smoot-Hawley Tariff Act to protect struggling American farms and businesses during the Great Depression. The act, which raised roughly 900 ...
1913: Revenue Act of 1913 (Underwood Tariff) 1921: Emergency Tariff of 1921; 1922: Fordney–McCumber Tariff; 1930: Smoot–Hawley Tariff Act; 1934: Reciprocal Tariff Act; 1947: General Agreement on Tariffs and Trade; 1962: Trade Expansion Act; 1974: Trade Act of 1974; 1979: Trade Agreements Act of 1979; 1984: Trade and Tariff Act of 1984; 1988 ...