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The key difference is that America now has excessively high consumption, while it had low consumption and excess savings when the Smoot-Hawley Tariff Act was passed in 1930.
The American Tariff League Study of 1951 compared the free and dutiable tariff rates of 43 countries. It found that only seven nations had a lower tariff level than the United States (5.1%), and eleven nations had free and dutiable tariff rates higher than the Smoot–Hawley peak of 19.8% including the United Kingdom (25.6%).
The Smoot-Hawley Act, which set U.S. tariffs in the early 1930s, and similar measures by other nations, played a role in worsening the Great Depression. How could tariffs impact Michigan automakers?
In addition to this proposed 20% consumer tax, Trump says he would impose at least a 60% tariff on every imported good from China, and from 100% to 200% tariffs on cars imported from Mexico.
The outbreak of war in 1914 made the impact of tariffs of much less importance compared to war contracts. When the Republicans returned to power they returned the rates to a high level in the Fordney–McCumber Tariff of 1922. The next raise came with the Smoot–Hawley Tariff Act of 1930 at the start of the Great Depression. [citation needed]
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 ...
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 ...
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.