U.S. ↔ Smoot–Hawley Tariff Act

Relations (1)

cross_type 2.00 — strongly supporting 3 facts

The Smoot–Hawley Tariff Act directly impacted the U.S. economy by causing a significant decline in import volumes [1], raising duties on a large portion of U.S. imports [2], and triggering international retaliation against the United States [3].

Facts (3)

Sources

The Evolution of Tariffs: The United States' Historical Implementation ... thefinplangroup.com The Financial Planning Group 2 facts

measurementThe Smoot-Hawley Tariff Act raised import duties on 800-900 goods, covering 25% of total U.S. imports, with the average tariff rate reaching 45-50%.

measurementBetween 1929 and 1934, international trade declined by 66%, and over 25 countries retaliated against the United States due to the Smoot-Hawley Tariff Act.

History of tariffs in the United States - Wikipedia en.wikipedia.org Wikipedia 1 fact

claimEconomist Douglas Irwin states that in the two years following the imposition of the Smoot-Hawley tariff in June 1930, the volume of United States imports fell by over 40%, and he attributes part of this collapse directly to the tariff rather than other factors like falling incomes or foreign retaliation.