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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.
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.
But critics of tariffs grew and reached a crescendo with the historic failure of the Smoot-Hawley Tariff Act of 1930. It was signed into law by Hoover in the early stages of the Great Depression ...
The Tariff Act of 1930, commonly known as the Smoot–Hawley Tariff, implemented protectionist trade policies, was signed by President Hoover on June 17, 1930. The act raised US tariffs on over 20,000 imported goods. [ 14 ]
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 plans have drawn comparisons to the Smoot-Hawley Tariff Act of 1930, which sharply raised U.S. tariffs, triggering retaliation and a global collapse of trade that helped worsen the Great ...
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 ...
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: Omnibus Foreign Trade and Competitiveness Act; 1994: World Trade ...