May 2019
Beginner
146 pages
3h 13m
English
Content preview from A Guide to International Economics
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The World Trade Organization, International Trade Relations and Issues
On June 17, 1930, the U.S. Congress passed the United States Tariff Act of 1930, also called the Hawley-Smoot Tariff Act, which raised import tariffs by 20 percent to protect American firms and farmers, adding substantial pressure to the international economic environment of the Great Depression. It was the last U.S. congressional policy which set actual tariff rates. The Act raised the United States’ already-high tariff rates, which were enacted in 1922 to protect American farmers from declining prices due to European overproduction.
In response to the stock market crash of 1929, protectionist feelings grew in Congress and the president of the United States, Herbert ...
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