Smoot-Hawley Act

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 ?
The Smoot-Hawley Act in the US, implementing protectionist trade policies, was signed into law on June 17, 1930.
Herbert Hoover signed the Smoot-Hawley Act, which raised tariffs to record levels on more than 20,000 imported goods.
While few, if any, observers expect a rewrite of the Smoot-Hawley Act, some protectionist policies could emerge.
Protectionism spread like wildfire around the world after the United States passed the infamous Smoot-Hawley Act of 1930.
protectionism--actually the straw that broke the back of protectionism--came in 1930 when, in the teeth of the Great Depression, Congress passed the Smoot-Hawley Act, a veritable orgy of unpatterned and unprincipled tariff increases that were the highest in the history of the United States.
I've joked with colleagues that if I put in the Smoot-Hawley Act today, we could find a number of representatives who would co-sponsor it before they realized it was the same bill that helped set off a worldwide depression.
4) The Smoot-Hawley Act of 1930, perhaps the most infamous tariff in U.
trade policy - from trade protection to trade liberalization - in the early 1930s, Rhodes advocates the well-known "Congress sees the light" hypothesis: upon experiencing the disastrous consequences of the protectionist Smoot-Hawley Act of 1930, Congress began to understand that it would have to lower U.
A short three years later, Portland was already considering an airport expansion when a petulant Congress passed a motley collection of trade tariffs known as the Smoot-Hawley Act, edging the world toward the Great Depression, and ultimately, the Second World War.
In an effort to shore up domestic business, Congress passed, and President Hoover signed into law, the Smoot-Hawley Act, restricting imports.
A traditional trade war with each country raising across-the-board tariffs is a historical relic--there will be no new Smoot-Hawley Act.