How did the Hawley Smoot Tariff contribute to the Great Depression quizlet?

How did the Hawley Smoot Tariff contribute to the Great Depression quizlet?

The Smoot-Hawley Tariff Act goal was to increase U.S. farmer protection against agricultural imports. The increase in this tariff added economic strain to countries during the Great Depression. Economists of the time signed a petition to urge President Hoover to not pass the act, but it was signed and passed anyway.

What was the purpose of the Hawley Smoot Tariff of 1930 quizlet?

Terms in this set (11) The Smoot-Hawley Tariff Act of June 1930 raised U.S. tariffs to historically high levels. The original intention behind the legislation was to increase the protection afforded domestic farmers against foreign agricultural imports.

What was the outcome of passing the Smoot-Hawley Tariff Act?

The Act and tariffs imposed by America’s trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Depression. Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression.

Which best describes the effects of the Smoot-Hawley tariff?

Which statement describes an effect of the Smoot-Hawley Tariff Act of 1930? Countries retaliated against the U.S. by raising their own tariffs. the crisis led to the end of government regulation of the economy.

What was a result of the Smoot-Hawley tariff?

What was a result of the Smoot-Hawley Tariff quizlet?

What was a consequence of the Smoot-Hawley tariff? It raised tariffs and provoked foreign countries to raise retaliatory tariffs and, as a consequence, made it harder for American farms and businesses to sell abroad.

What was a result of the Smoot Hawley Tariff quizlet?

What was one effect of the Smoot-Hawley Tariff quizlet?

What was one effect of the Smoot-Hawley Tariff Act? It increased global economic instability. speculation in stocks that made values unstable.

What was a result of the Hawley-Smoot Tariff?

How did the Smoot Hawley Tariff Act affect the Great Depression?

In 1930, a large majority of economists believed the Smoot-Hawley Tariff Act would exacerbate the U.S. recession into a worldwide depression. On May 5 of that year, 1,028 members of the American Economic Association released a signed statement that vigorously opposed the act.

How did the Great Depression affect international trade?

Great Depression: International lending and trade. The 1930 enactment of the Smoot-Hawley tariff in the United States and the worldwide rise in protectionist trade policies created other complications. The Smoot-Hawley tariff was meant to boost farm incomes by reducing foreign competition in agricultural products.

Why was President Hoover not happy with the Smoot Hawley bill?

President Hoover was not happy with the Smoot-Hawley bill, especially the increased tariffs on many manufactured goods. In private, he described it as “vicious, extortionate and obnoxious,” but because it included increased tariffs on agricultural products, he felt compelled to sign it.

What was the impact of tariffs in the 1920s?

The Smoot-Hawley Tariff Act raised the United States’s already high tariff rates. In 1922 Congress had enacted the Fordney-McCumber Act, which was among the most punitive protectionist tariffs passed in the country’s history, raising the average import tax to some 40 percent.