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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 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?
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 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 ...
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]
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.
A tariff is a tax imposed by the government of a country or by a ... 'Smoot-Hawley' became synonymous with disastrous policy making". ... The political impact of ...