The Smoot-Hawley Tariff Act did not start the Great Depression, but it did make things worse.
Did the Smoot-Hawley Tariff cause the Great Depression?
- The Smoot-Hawley Tariff Act did not start the Great Depression, but it did make things worse. The Act raised tariffs, which put additional pressure on struggling countries—including those that owed money to the United States—and prompted other countries to retaliate by enacting their own levies.
- It significantly reduced the volume of exported goods and considerably increased the price of imports, making them expensive for all but the wealthy, which led to bank failures, particularly in rural areas.
- It became more difficult for the United States to emerge from its slump as a result of other nations' restrictions on international trade in response to the United States' tariffs.
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