Questions and Answers
What is a tariff?
A tax on imported goods
What was the Smoot-Hawley Tariff Act?
A law passed by Congress in 1930 to raise the tariffs on imported goods.
What was the goal of the Smoot-Hawley Tariff Act?
To protect American farmers and other industries from foreign competition.
What was the outcome of the Smoot-Hawley Tariff Act? (Select all that apply)
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What were the unintended consequences of the Smoot-Hawley Tariff Act?
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Study Notes
Smoot-Hawley Tariff Act Overview
- Affected international trade by imposing higher tariffs on imported goods.
- Enacted by the U.S. Congress in 1930 during the Great Depression.
Purpose of the Act
- Aimed to protect American farmers and domestic industries from foreign competition.
- Intended to boost local production and employment.
Economic Impact
- Contributed to the decline of global trade, exacerbating the economic downturn.
- Resulted in significant drops in GDP and soaring unemployment rates in the U.S.
- Amplified the effects of the Great Depression.
International Response
- Provoked retaliatory tariffs from other countries on American exports.
- Led to a ripple effect of trade barriers, further harming global economic relations.
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Description
Test your knowledge on the Smoot-Hawley Tariff Act with these flashcards. Explore key terms, definitions, and the historical significance of this 1930 law designed to protect American industries. Perfect for students of American history and economics.
