Hawley-Smoot Tariff | Definition & History
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What was Smoot-Hawley, and does it have anything to do with Trump's tariffs?
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The Smoot-Hawley Tariff Act of 1930 raised U.S. import duties with the goal of protecting American farmers and businesses from foreign competition. The Smoot-Hawley Tariff Act is now widely blamed for worsening the severity of the Great Depression in the U.S. and around the world. In May 1930, Canada, the country’s most loyal trading partner, retaliated by imposing new tariffs on 16 products that accounted altogether for around 30% of US exports to Canada. Canada later also forged closer economi
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