The Smoot-Hawley Act was created to protect U.S. farmers and other industries from foreign competitors. 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.

What did the Hawley-Smoot Act accomplish?

The act raised US tariffs on over 20,000 imported goods. An Act To provide revenue, to regulate commerce with foreign countries, to encourage the industries of the United States, to protect American labor, and for other purposes.

What was the 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 happened as a result of the Hawley Smoot Tariff?

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.

How did the Smoot-Hawley Tariff affect the stock market?

In Dalio’s book, he claims, “Stocks sold off sharply as it became clear the tariff bill [Smoot-Hawley Tariff Act] would pass. After falling 5 percent the previous week, the Dow dropped another 7.9 percent on June 16, the day before the tariff bill passed”.

Which best describes the effects of the Smoot-Hawley tariff?

Which statement describes an effect of the Smoot-Hawley Tariff Act of 1930? Countries retaliated against the U.S. by raising their own tariffs. the crisis led to the end of government regulation of the economy.

Which of the following describes the Smoot-Hawley Act?

Which of the following statements accurately describes the Smoot-Hawley Tariff of 1930? It raised tariff rates to all-time highs but ended up hurting international trade.