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What was a result of the Smoot-Hawley Tariff quizlet?
What was a consequence of the Smoot-Hawley tariff? It raised tariffs and provoked foreign countries to raise retaliatory tariffs and, as a consequence, made it harder for American farms and businesses to sell abroad.
What were two results of the Smoot-Hawley Act quizlet?
President Hoover signed the now-infamous Smoot-Hawley tariff bill, which substantially raised U.S. tariffs on some 890 products. With the reduction of American exports came also the destruction of American jobs, as unemployment levels which were 6.3% (June 1930) jumped to 11.6% a few months later (November 1930).
What were the intentions of the Smoot-Hawley tariff and what was the actual outcome of the policy quizlet?
The Smoot-Hawley Tariff Act of June 1930 raised U.S. tariffs to historically high levels. The original intention behind the legislation was to increase the protection afforded domestic farmers against foreign agricultural imports. shanty-towns that housed many who had lost everything.
Why did the Hawley Smoot Tariff Act backfire?
The Hawley Smoot Tariff seriously backfired. It was important due to its impact on foreign trade. American products were too expensive to buy in Europe, and restricted trade. The loss of exports intensified the impact of the Great Depression.
How did the Smoot-Hawley Tariff Act contribute to the Great Depression quizlet?
The Smoot-Hawley Tariff Act goal was to increase U.S. farmer protection against agricultural imports. Once other sectors caught wind of these changes, a large outcry to incrase tariffs in all sectors of the economy followed. The increase in this tariff added economic strain to countries during the Great Depression.
How did Europeans respond to the Hawley Smoot Tariff?
THE European response to the signing by President Hoover of the Hawley-Smoot Tariff Act was disapproval–immediate, undisguised and unanimous.
How did Hawley Smoot Tariff backfire?
What was the Hawley Smoot Tariff and how did it backfire? The Hawley Smoot Tariff seriously backfired as furious European countries imposed a tax on American goods making them too expensive to buy in Europe, and restricting trade which contributed to the economic crisis of the Great Depression.
What was the Hawley Smoot Tariff of 1930 quizlet?
The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), otherwise known as the Smoot-Hawley Tariff or Hawley-Smoot Tariff, was an act sponsored by Senator Reed Smoot and Representative Willis C. Hawley and signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels.
Which outcomes resulted from the passage of the Hawley Smoot Tariff Act?
The Smoot-Hawley Act increased tariffs on foreign imports to the U.S. by about 20%. At least 25 countries responded by increasing their own tariffs on American goods. Global trade plummeted, contributing to the ill effects of the Great Depression.
Why did the Hawley Smoot Tariff Act backfire quizlet?
Why did the Hawley Smoot Tariff Act backfire? It backfired because European countries raised their tariffs.
What was one effect of the Smoot-Hawley tariff of 1930?
Smoot-Hawley contributed to the early loss of confidence on Wall Street and signaled U.S. isolationism. By raising the average tariff by some 20 percent, it also prompted retaliation from foreign governments, and many overseas banks began to fail.
What was the Smoot Hawley Tariff in 1930?
The Smoot-Hawley Tariff of 1930. The Smoot-Hawley tariff bill finally passed in June 1930; it raised rates on over 20,000 items, but as a whole, pleased no one. Over 1000 economists signed an open letter to President Hoover, begging him to veto the bill.
What was the purpose of the Hawley-Smoot Act?
The Smoot-Hawley Tariff Act, formally known as the United States Tariff Act of 1930 and sometimes referred to in reverse order as the Hawley-Smoot Act, is a law that raised U.S. import duties with the goal of protecting American farmers and other industries.
Why was President Hoover not happy with the Smoot Hawley bill?
President Hoover was not happy with the Smoot-Hawley bill, especially the increased tariffs on many manufactured goods. In private, he described it as “vicious, extortionate and obnoxious,” but because it included increased tariffs on agricultural products, he felt compelled to sign it.
What did Hoover do with the Tariff Act?
Hoover optimistically noted that he had the authority under the act to increase or decrease specific tariffs by as much as 50%, allowing him to “expedite prompt and effective action if grievances develop.”.