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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. It is criticized by nearly all economists as a huge mistake; many consider it partly responsible for the [[Great Depression]]. See [[Debt Deflation Hypothesis]].
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>
It is criticized by nearly all economists as a huge mistake; many consider it partly responsible for the [[Great Depression]]. See .
==Notes==
<references />
==See also==
* [[Protectionism]]
* [[Debt Deflation Hypothesis]]
[[Category:1920s]]
[[Category:1920s]]
[[Category:Business]]
[[Category:Business]]
[[Category:Taxation]]
[[Category:Taxation]]