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Smoot–Hawley Tariff Act
Also known as: Smoot–Hawley Tariff, Smoot-Hawley Tariff Act
Facts (12)
Sources
History of tariffs in the United States - Wikipedia en.wikipedia.org 6 facts
claimThe United States Congress passed the Smoot–Hawley Tariff Act of 1930 to address the Great Depression, but the act worsened the economic situation as Canada, Britain, Germany, France, and other industrial nations retaliated with their own tariffs and bilateral trade deals, causing a decline in American imports and exports.
claimThe Smoot–Hawley Tariff Act of 1930 increased tariff rates at the beginning of the Great Depression.
claimAnthony O'Brien authored the entry 'Smoot–Hawley Tariff' in the EH.Net Encyclopedia in 2001.
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.
measurementThe Tariff Act of 1930, known as the Smoot–Hawley Tariff, raised the average tariff on dutiable imports from approximately 40% to 47%, with price deflation during the Great Depression causing the effective rate to rise to nearly 60% by 1932.
claimDaniel Griswold wrote 'Peddling Protectionism: Smoot-Hawley and the Great Depression', published in the Cato Journal in 2011, which discusses the Smoot-Hawley Tariff and its relationship to the Great Depression.
The Evolution of Tariffs: The United States' Historical Implementation ... thefinplangroup.com Oct 22, 2025 4 facts
claimThe Smoot-Hawley Tariff Act, enacted in June 1930, added a 20% import duty on foreign agricultural products and manufactured goods to protect American industries.
accountFollowing the signing of the Smoot-Hawley Tariff Act into law on June 15, 1930, the Dow Jones Industrial Average declined by 5.8% the following day, marking the largest single-day decline that year.
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.
The Tariff Tug-of-War: A Look at Protectionism and Free Trade Over ... wita.org Apr 29, 2025 1 fact
claimThe Smoot-Hawley Tariff Act during the Great Depression demonstrated that protectionist policies can lead to unintended consequences, including reduced international trade and economic strain.
Tariffs and Protectionism - Economic Research Council ercouncil.org Apr 4, 2025 1 fact
claimHistorical examples, such as the Smoot–Hawley Tariff Act, demonstrate that tariff wars can quickly escalate and cause harm to consumers, producers, and economies globally.