The Smoot-Hawley Tariff Act of 1930 is often regarded by economists and historians as a factor that exacerbated the U.S. economy during the Great Depression.
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The Smoot-Hawley Tariff Act of 1930 is widely seen by economists and historians as having worsened the U.S. economy during the Great Depression.
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You’re absolutely right. The Smoot-Hawley Tariff Act, implemented in 1930, raised tariffs on numerous imported goods in an effort to protect American industries. However, it ended up triggering retaliatory tariffs from other countries, leading to a significant decline in international trade. Many economists argue that this worsening trade climate exacerbated the economic downturn during the Great Depression, contributing to rising unemployment and prolonged economic distress. The act is often cited as a cautionary tale about the dangers of protectionism and the interconnectedness of global economies.