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Smoot-Hawley Act |
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Smoot-Hawley Act Legislation in the United States, passed in 1930, that raised tariffs on thousands of imports. The idea behind the Act was to protect American jobs, especially those of farmers, from cheap imports. However, the Act is considered to have been a failure because it led to retaliatory measures in foreign countries, which reduced U.S. exports. Some economists consider the Act to have been a contributing cause to the depth of the Great Depression. See also: NAFTA, Trade war. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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