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True to his belief in aiding businessmen as a means to creating prosperity, Hoover signed the Smoot-Hawley Tariff in 1930. It raised the rates far above those of the Fordney-McCumber Tariff of 1922. The new tariff was a triumph for the protectionists and a blow to the "farm bloc," that had already been chafing as a result of the continued farmer's depression. The new tariff law, however, failed to achieve its purpose. It did not bring greater prosperity to the American businessman. On the contrary, U.S. exports of manufactured goods began to decline more rapidly than imports. One reason for this condition was the high tariff wall that foreign countries put up in reprisal against the Smoot-Hawley Tariff.

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15y ago
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15y ago

in the united states between Americans

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10y ago

it raised tariffs imported goods

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Q: What did smoot Hawley tariff of 1930 do?
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