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During the Great Depression, tariffs, such as the Smoot-Hawley Tariff of 1930, raised import duties to protect domestic industries but inadvertently stifled international trade. Countries retaliated with their own tariffs, leading to a sharp decline in global commerce and exacerbating economic downturns worldwide. This trade contraction deepened financial instability, increased unemployment, and hindered recovery efforts, ultimately prolonging the economic crisis. The resulting isolationism further fragmented the global economy, making recovery more challenging.

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