That is certainly what happened after Congress approved the protectionist Smoot-Hawley Tariff Act
in 1930 in a misguided effort to create American jobs.
This observation is hardly new; the debate over free trade came to a head just before the passage of the Smoot-Hawley Tariff Act
of 1930, (9) which put a serious kibosh on international exchange.
The United States took the lead in the turn to protectionism with the infamous Smoot-Hawley Tariff Act
In 1930, the US government passed the Smoot-Hawley Tariff Act
, which raised tariffs on 20,000 imported goods--despite a petition opposing the legislation signed by 1,028 economists.
As businesses started to fail, Congress passed the Smoot-Hawley Tariff Act
in 1930 to protect American companies.
As matters stand, these hapless farmers from Africa and Latin America, to name a few, are already facing unfair competition from US producers who take shelter under the infamous Smoot-Hawley Tariff Act
of 1930 whose protectionist legislation has become a convenient tool for their advocates around the world.
Shades of the Smoot-Hawley Tariff Act
- a classic piece of US protectionism that arguably turned the 1930s depression into a world war - have, commentators say, been hanging over the annual Davos bun fight in recent days.
That could lead to protectionism in a number of guises, even if the United States steers clears of anything like the 1930 Smoot-Hawley Tariff Act
that prompted a series of retaliatory tariff hikes around the world.