It raised the price of imports to the point that they became unaffordable for all but the wealthy, and it dramatically decreased the amount of exported goods, thus contributing to bank failures, particularly in agricultural regions.
What impact did the Hawley Smoot Tariff have on international trade?
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.
What was the effect of the Smoot-Hawley Tariff quizlet?
Terms in this set (50) 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.