The Tariff Act of 1930, known as the Hawley-Smoot Act, was a law passed in the United States on June 17, 1930, proposed by Senators Reed Smoot and Willis C. Hawley, which unilaterally raised US tariffs on imported products, to try to mitigate the effects of the Great Depression begun in 1929.
features
The remarkable feature of this regulation was the notable increase in the tariffs set and its extension to nearly 20,000 imported products, which caused a strong impact on international trade at the time. In fact, the tariff rates in the Hawley-Smoot Act were the second highest in American history, after those set in the Tariff Act of 1828, but with the difference that a century away the US. UU they had become the main import and export market in the world.
Although the first effects of the Hawley-Smoot Act benefited US industries and farmers in the short term, over the months it was noted that the retaliation from the rest of the world was damaging international trade and particularly exports. of American products, causing harm to your industry. For this reason we can affirm that this law was not as effective as the other examples provided.
The smoot-hawley plan was worse than the other options due to the fact that the plan hurt international trade.
This was a tariff that was raised in the year 1930. The goal of the plan or act was to raise the import duties that were paid for items in the country.
The reason why this plan was worse is the fact that although the intention was to reduce importation, it ended up adding strain to an already existing issue in international trade.
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