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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.
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.
In 1930, the president signed the Smoot-Hawley Tariff Act into law. Over 1,000 economists signed a petition against the Tariff Act, but it passed and was signed anyway. Smoot-Hawley levied 40% to ...
To get a better look at the potential repercussions, we can look at the effects of the 1930 Smoot-Hawley Tariff Act, which imposed tariffs on tens of thousands of imported goods in an attempt to ...
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.
The second attempt to raise tariffs with the Smoot-Hawley Tariff Act of 1930 also backfired. A stark reduction in international trade and retaliatory actions from Canada, Britain, Germany and other industrial nations exacerbated the devastating effects of the Great Depression on the American population.
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 ...
Willis C. Hawley (left) and Reed Smoot in April 1929, shortly before the Smoot–Hawley Tariff Act passed the House of Representatives. In an initial response to the crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing ...