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After the Smoot-Hawley Act was passed in 1930, more than 60 countries that traded with America swiftly matched higher duties, causing a sharp decline in world trade.
Smoot-Hawley Act
Hawley, on June 17, 1930, President Herbert Hoover signed it. The law increased US duties on more than 20,000 imports. A bill to raise money, control trade with other nations, support domestic industries, safeguard American workers, and further many objectives.
How did the Hawley Smoot Tariff backfire?
The Hawley Smoot Tariff had a disastrous effect on commerce as enraged European nations levied a charge on American goods that made them prohibitively expensive to purchase in Europe. This restriction on trade also exacerbated the Great Depression's economic crisis.
What effect did the Smoot-Hawley tariff have?
It made it more difficult for American farms and businesses to sell abroad by increasing tariffs and inciting other nations to do the same.
The Smoot-Hawley Tariff failed, why?
According to the experts, the tariff rises would increase the cost of living, reduce our exports as other nations reacted, harm U.S. investors since it would be more difficult for foreign debtors to repay their loans due to the high tariffs, and harm our ties with other countries. Sadly, this is what took place.
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