What did the Smoot Hawley tariff of 1930 do?

What did the Smoot Hawley tariff of 1930 do?

The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was a law that implemented protectionist trade policies in the United States. The act raised US tariffs on over 20,000 imported goods.

What was the result of the Smoot Hawley Act quizlet?

What was the end-result of the Smoot-Hawley Tariff Act? With the reduction of American exports came also the destruction of American jobs, as unemployment levels which were 6.3% (June 1930) jumped to 11.6% a few months later (November 1930).

Why did the Smoot Hawley Act play a role in sending the world’s economies into the Great Depression?

It raised U.S. tariffs on thousands of imported goods by more than 60 percent. Why did the Smoot-Hawley Act play a role in sending the world’s economies into the Great Depression? It provided a forum for member countries to negotiate a reduction of tariffs and other barriers to trade.

What was the result of the Hawley-Smoot Tariff Act?

The Smoot-Hawley Act increased tariffs on foreign imports to the U.S. by about 20%. At least 25 countries responded by increasing their own tariffs on American goods. Global trade plummeted, contributing to the ill effects of the Great Depression.

Why is revenue levied?

Protective tariffs: Tariffs levied in order to reduce foreign imports of a product and to protect domestic industries. Revenue tariffs: Tariffs levied in order to raise revenue for the government.

Which of the following occurred during the 12 months following passage of the 1930 Smoot-Hawley trade bill?

Which of the following occurred during the 12 months following passage of the 1930 Smoot-Hawley trade bill? The volume of trade declined sharply and the unemployment rate rose.

How did raising tariffs caused the Great Depression?

The economists argued that the tariff increases would raise the cost of living, limit our exports as other countries retaliated, injure U.S. investors since the high tariffs would make it harder for foreign debtors to repay their loans, and damage our foreign relations. Unfortunately, this is what happened.