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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.
Smoot is primarily remembered as the co-sponsor of the 1930 Smoot–Hawley Tariff Act, which increased almost 900 American import duties. Criticized at the time as having "intensified nationalism all over the world" by Thomas Lamont of J.P. Morgan & Co., [2] Smoot–Hawley is widely regarded as one of the catalysts for the worsening Great ...
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 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.
Hawley attended Lexington Middle School and then Rockhurst High School, a private Jesuit boys' prep school in Kansas City, Missouri, from which he graduated in 1998 as a valedictorian. [17] According to his middle school principal, Barbara Weibling, several of Hawley's teachers thought "he was probably going to be president one day". [17]
The story of the Great Depression is often told in pictures: while few people recognize the names "Smoot-Hawley" or "Schechter Poultry," photographs of bank runs and bread lines continue to pack a ...
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 ...