Smoot-Hawley Act

(redirected from Smoot-Hawley Tariff Act of 1930)

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.
References in periodicals archive ?
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 of 1930.
The frozen food industry has opposed the proposed regulation, saying that the Smoot-Hawley Tariff Act of 1930 already requires frozen produce to be labeled with its country-of-origin.
The Smoot-Hawley Tariff Act of 1930 already requires imported food products, including frozen produce, to bear a country of origin marking.