What was an effect of the Smoot-Hawley Tariff Act of 1930?
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What was an effect of the Smoot-Hawley Tariff Act of 1930?
It raised the price of imports to the point that they became unaffordable for all but the wealthy, and it dramatically decreased the amount of exported goods, thus contributing to bank failures, particularly in agricultural regions.
What was a result of the Smoot-Hawley tariff?
The Smoot-Hawley Act increased tariffs on foreign imports to the U.S. by about 20%. At least 25 countries responded by increasing their own tariffs on American goods. Global trade plummeted, contributing to the ill effects of the Great Depression.
Was the Hawley Smoot Tariff successful?
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.
How did the Hawley Smoot Tariff caused the Great Depression?
Those who blame Smoot-Hawley counter that the drop in exports was significant. From 1929 to 1933 American exports declined from about $5.2 billion to $1.7 billion, and the impact was concentrated on agricultural products such as wheat, cotton and tobacco.
How did Europe respond to the Hawley Smoot Tariff?
THE European response to the signing by President Hoover of the Hawley-Smoot Tariff Act was disapproval–immediate, undisguised and unanimous.
Which of these best describes how the Smoot Hawley Tariff Act of 1930 affected America’s international trade relations?
Which of these BEST describes how the Smoot-Hawley Tariff Act of 1930 affected America’s international trade relations? It harmed America’s international trade relations.
What was the purpose of the Hawley-Smoot Tariff of 1930 quizlet?
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. shanty-towns that housed many who had lost everything.
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 the main purpose of the Smoot-Hawley Act?
Hawley, it was signed by President Herbert Hoover on June 17, 1930. The act raised US tariffs on over 20,000 imported goods. An Act To provide revenue, to regulate commerce with foreign countries, to encourage the industries of the United States, to protect American labor, and for other purposes.
Was the Hawley Smoot tariff successful?
How did the 1930 Smoot-Hawley tariff affect the Great Depression quizlet?
The Smoot-Hawley Tariff Act goal was to increase U.S. farmer protection against agricultural imports. Once other sectors caught wind of these changes, a large outcry to incrase tariffs in all sectors of the economy followed. The increase in this tariff added economic strain to countries during the Great Depression.
What was the purpose of the Smoot-Hawley Tariff in 1930 quizlet?
