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The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, [1] was a law that implemented protectionist trade policies in the United States.
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 ...
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.
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.
Essentially, a tariff works like an extra tax that is paid by the person or company when foreign goods enter the U.S. ... The Smoot-Hawley Act, which set U.S. tariffs in the early 1930s, ...
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]
Donald Trump's proposed tariffs on imports would likely lead to a depression similar to the Great Depression, as seen in the Smoot-Hawley tariff act of 1930, which caused the global trade to ...
1861: Morrill Tariff; 1872: Tariff of 1872; 1875: Tariff of 1875; 1883: Tariff of 1883 (Mongrel Tariff) 1890: McKinley Tariff; 1894: Wilson–Gorman Tariff Act; 1897: Dingley Tariff; 1909: Payne–Aldrich Tariff Act; 1913: Revenue Act of 1913 (Underwood Tariff) 1921: Emergency Tariff of 1921; 1922: Fordney–McCumber Tariff; 1930: Smoot ...