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31 August, 15:34

How did the Smoot-Hawley Tariff affect the American economy?

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  1. 31 August, 16:57
    Smooth-Hawley tariff Act was introduced in the United States in 1930.


    The tariff Act is named after congressman Willis Hawley and senator Reed Smoot. Almost 900 tariff imports were raised by 40% to 48%. It was introduced to support domestic farmers suffering the great depression.

    But the tariff act produced unexpected negative results. Imposing high tariff on imports raised the food prices and made the lives of common people difficult. Previously cheap goods became very costly that people could no longer afford it.

    The bill imposed tariffs on almost 20,000 imported goods. It also forced other countries to raise their tariff on imports and the global trade went down to 65%.
  2. 31 August, 17:09
    The tariff hurt trade with other countries. ~ APEX
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