The legislative analysts determined the Hawley-Smoot Tariff Act was a large mistake.
To correct the Hawley-Smoot Tariff Act of 1930, Congress reduced the price of affected products by 50 percent.
The legislation was popular among U.S. voters.
In 1930, for example, the U.S. Congress passed the Hawley-Smoot Tariff Act.
June 17, 1930 was when this tariff act was signed into law.
The voters blamed Hoover for not letting government helped economy while economic situation was in trouble.
The Smoot-Hawley Tariff Act of 1930 is said to have been the root cause of the Great Depression. The original intentions for passing such an act was to raise money through tariffs on international trade to compensate for anguished American farmers blight. When the rest of America heard about this, the tariff was then intended to compensate for all poor workers in America. In result, other foreign countries then raised their tariffs which set the United States on the fast track to bankruptcy.
The Tariff Act of 1930 raised tariff fees on imported goods to a historical high. Meant to help US business at a fragile time, it actually worsened the situation by reducing US imports and exports to nearly half. This overall this contributed to a longer and deeper depression.
In 1930, for example, the U.S. Congress passed the Hawley-Smoot Tariff Act.
Smoot-Hawley Tariff
June 17, 1930 was when this tariff act was signed into law.
No they did not keep a list of their voters.
Hawley Smoot Tariff
It raised tariffs on imported goods.
Raised tariffs on imported goods
Smoot-Hawley Tariff
Hawley-Smoot Tariff
The voters blamed Hoover for not letting government helped economy while economic situation was in trouble.
Was enacted in 1930. This treaty raised tariffs on many imported goods. Many American trading partners retaliated in response to this tariff. It might have even worsened the Great Depression. It reduced international trade.
True to his belief in aiding businessmen as a means to creating prosperity, Hoover signed the Smoot-Hawley Tariff in 1930. It raised the rates far above those of the Fordney-McCumber Tariff of 1922. The new tariff was a triumph for the protectionists and a blow to the "farm bloc," that had already been chafing as a result of the continued farmer's depression. The new tariff law, however, failed to achieve its purpose. It did not bring greater prosperity to the American businessman. On the contrary, U.S. exports of manufactured goods began to decline more rapidly than imports. One reason for this condition was the high tariff wall that foreign countries put up in reprisal against the Smoot-Hawley Tariff.