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Smoot-Hawley Tariff Act |
Also found in: Wikipedia | 0.01 sec. |
Smoot-Hawley Tariff Act(1930) U.S. legislation that raised import duties by as much as 50%, adding considerable strain to the worldwide economic climate of the Great Depression. Despite a petition from 1,000 economists urging Pres. Herbert Hoover to veto the act, it was passed as a protective measure for domestic industries. It contributed to the early loss of confidence on Wall Street and signaled U.S. isolationism. Other countries retaliated with similarly high protective tariffs, and overseas banks began to collapse. In 1934 Pres. Franklin D. Roosevelt signed the Trade Agreements Act, which reduced such tariffs. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The Smoot-Hawley Tariff, which Hoover signed into law in 1930 after a Republican Congress passed it, was a significant factor in deepening the Great Depression. President Herbert Hoover signs the Smoot-Hawley tariff act, deepening the economic depression. Avid one-worlders such as Secretary of State Cordell Hull argued that tariffs were somehow responsible for the Depression, fascism, and World War II, and the Smoot-Hawley Tariff of 1930 in particular became "an epithet, a synonym for a selfish, crabbed conservatism. |
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