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Questions and Answers
What is a tariff?
What is a tariff?
A tax on imported goods
What was the Smoot-Hawley Tariff Act?
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?
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)
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?
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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