Hawley-Smoot Tariff Act


Also found in: Wikipedia.

Hawley-Smoot Tariff Act,

1930, passed by the U.S. Congress; it brought the U.S. tariff to the highest protective level yet in the history of the United States. President Hoover desired a limited upward revision of tariff rates with general increases on farm products and adjustment of a few industrial rates. A congressional joint committee, however, in compromising the differences between a high Senate tariff bill and a higher House tariff bill, arrived at new high rates by generally adopting the increased rates of the Senate on farm products and those of the House on manufactures. Despite wide protest, the tariff act, called the Hawley-Smoot Tariff Act because of its joint sponsorship by Representative Willis C. Hawley and Senator Reed Smoot, both Republicans, was signed (June, 1930) by President Hoover. The act brought retaliatory tariff acts from foreign countries, U.S. foreign trade suffered a sharp decline, and the depression intensified.
References in periodicals archive ?
See generally LAWRENCE CHAMBERLAIN, THE PRESIDENT, CONGRESS, AND LEGISLATION 131 (1946) (Presidential leadership was not conspicuous in the formulation of the Hawley-Smoot Tariff Act of 1930.
To 21st century schoolchildren, the Voting Rights Act is as distant as the Hawley-Smoot Tariff Act was to young people living in the 1960s.
The first shock was the passage of the Hawley-Smoot Tariff Act in 1930.
11] According to Meltzer (1976) the Hawley-Smoot Tariff Act had devastating income effects because it inhibited the working of the price-specie-flow mechanism, thus, according to Eichengreen (1989), having deflationary consequences for the world economy.