Difference between revisions of "Smoot-Hawley Tariff"
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The '''Hawley-Smoot Tariff''' was a high U.S. tariff enacted in 1930. It raised tariffs on imports to "protect" American manufacturers and prevent American jobs from being lost. The effort did not have its promised effect, and [[unemployment]] skyrocketed from single digits to nearly one-quarter of the country. | The '''Hawley-Smoot Tariff''' was a high U.S. tariff enacted in 1930. It raised tariffs on imports to "protect" American manufacturers and prevent American jobs from being lost. The effort did not have its promised effect, and [[unemployment]] skyrocketed from single digits to nearly one-quarter of the country. | ||
| − | * The unemployment rate stood at 6.3% in June 1930 — eight months after the stock market crash — when the Smoot-Hawley tariffs were passed. A year later, the unemployment rate was 15% — and a year after that it was 25.8%.<ref>[http://www.investors.com/NewsAndAnalysis/Article.aspx?id=518457 Massive Government Intervention Drove U.S. Deeper Into Depression]</ref> | + | * The unemployment rate stood at 6.3% in June 1930 — eight months after the [[stock market crash]] — when the Smoot-Hawley tariffs were passed. A year later, the unemployment rate was 15% — and a year after that it was 25.8%.<ref>[http://www.investors.com/NewsAndAnalysis/Article.aspx?id=518457 Massive Government Intervention Drove U.S. Deeper Into Depression]</ref> |
Revision as of 14:02, January 20, 2010
The Hawley-Smoot Tariff was a high U.S. tariff enacted in 1930. It raised tariffs on imports to "protect" American manufacturers and prevent American jobs from being lost. The effort did not have its promised effect, and unemployment skyrocketed from single digits to nearly one-quarter of the country.
- The unemployment rate stood at 6.3% in June 1930 — eight months after the stock market crash — when the Smoot-Hawley tariffs were passed. A year later, the unemployment rate was 15% — and a year after that it was 25.8%.[1]
It is criticized by nearly all economists as a huge mistake; many consider it partly responsible for the Great Depression. See .
