The Hawley-Smoot Tariff Act

AI Overview

The Hawley-Smoot Tariff Act, also known as the Smoot-Hawley Tariff,
was a law passed in 1930 that raised tariffs on imported goods in an
attempt to protect American farmers and businesses:

Purpose
The law was intended to raise prices for farm products by increasing
tariffs on agricultural imports.

Supporters
The law was sponsored by Senator Reed Smoot of Utah and Representative
Willis Hawley of Oregon.

Signature
President Herbert Hoover signed the law into effect on June 17, 1930.
Impact

The law raised tariffs on more than 20,000 imported goods by an
average of 40-60%. The law led to a decline in global trade by 65%.

Effect on the Great Depression
The law is widely considered to have made the Great Depression worse.
The law was driven by political considerations rather than economic
ones, and was not well received by voters.