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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.
John H. Patterson (1905–1951) of Greensburg, Pennsylvania was an American economist, academic and writer known for his progressive trade position during the debate over the Smoot-Hawley Act. With Paul O'Leary, he authored An Introduction to Money, Banking and Corporations in 1937. [1]
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 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.
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 ...
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 ...
In June 1930, over the objection of many economists, Congress approved and Hoover reluctantly signed into law the Smoot–Hawley Tariff Act. The intent of the act was to encourage the purchase of American-made products by increasing the cost of imported goods, while raising revenue for the federal government and protecting farmers.
Among the Republican incumbents defeated in 1932 were Senate Majority Leader James Watson and five-term Senator Reed Smoot, an author of the controversial Smoot-Hawley tariff. [3] This was the first of four elections in which a Senate leader lost re-election, and the only time they were a Republican.