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The American Tariff League Study of 1951 compared the free and dutiable tariff rates of 43 countries. It found that only seven nations had a lower tariff level than the United States (5.1%), and eleven nations had free and dutiable tariff rates higher than the Smoot–Hawley peak of 19.8% including the United Kingdom (25.6%).
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.
That would be a historic high and surpass those seen under President McKinley in the 1890s, when U.S. trade policies were far more protectionist, and during the 1930s under the Smoot-Hawley Tariff ...
Smoot-Hawley ultimately raised tariffs on tens of thousands of products, ... But history has provided us with a strong cautionary lesson about the real impact of tariffs, and the stock market is ...
Smoot-Hawley levied 40% to 60% tariffs on a broad range of 20,000 imported items. Retaliatory tariffs were imposed by the world’s trading nations. A trade war resulted.
Hawley served in Washington, D.C., from March 4, 1907, until March 3, 1933. [3] While in Congress, he was chairman of the Committee on Ways and Means for the Seventieth and Seventy-first Congresses. Hawley was then a co-sponsor of the Smoot–Hawley Tariff in 1930, which raised import tariffs to record levels. [3]
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.
It resulted in a reduction of duties. This was the policy of the low tariff Democrats in response to the high tariff Republican program which produced the Smoot–Hawley tariff of 1930 that raised rates, and sharply reduced international trade. The Reciprocal Tariff Act was promoted heavily by Secretary of State Cordell Hull.