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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 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.
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.
That would be a historic high and surpass those seen under President McKinley in the 1890s, when U.S. trade policies were far more protectionist, and during the 1930s under the Smoot-Hawley Tariff ...
Many economic historians point to the Smoot-Hawley Tariff Act and monetary policy as two of the causes for the Great Depression in the early 1930s. At the time, monetary and trade policy was not ...
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 ]
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.
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]