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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. Sponsored by Senator Reed Smoot and Representative Willis C. Hawley, it was signed by President Herbert Hoover on June 17, 1930.
In May 1929, PMA voiced its opposition to a new flexible tariff bill, when Grundy indicated that provisions in the bill that gave the Treasury Secretary authority to value imported articles were “woefully lacking.” [17] In June 1930, then Sen. Grundy supported the Smoot-Hawley tariff bill, enduring criticism from Sen. Pat Harrison (D ...
In May 2018, more than 1,000 economists wrote a letter warning Trump about the dangers of pursuing a trade war, arguing that the tariffs were echoing historical policy errors, such as the Smoot–Hawley Tariff Act, which helped lead to the Great Depression. [203]
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 ...
His Republican Party was initially applauded for instituting protectionist economic policies, which were intended to limit imports to stimulate the domestic market; however, after the passage of the heavily damaging Smoot–Hawley Tariff, a policy that was bitterly opposed by the Democratic Party, public opinion turned sharply against ...
The Reed Smoot House, also known as Mrs. Harlow E. Smoot House, was the home of Reed Smoot from 1892 to his death in 1941, and is located at 183 E. 100 South, Provo, Utah, United States. Smoot was a prominent US Senator best known for advocacy of protectionism and the Smoot–Hawley Tariff Act. It was declared a National Historic Landmark in ...
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