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.
Smoot-Hawley Tariff
It raised tariffs on imported goods.
The legislative analysts determined the Hawley-Smoot Tariff Act was a large mistake.
Raised tariffs on imported goods
The Smoot-Hawley Tariff act
In 1930, for example, the U.S. Congress passed the Hawley-Smoot Tariff Act.
Smoot-Hawley Tariff
Hawley Smoot Tariff
Hawley-Smoot Tariff
Yes, he did.
the hawley-smoot tariff caused other countries to retaliate, so markets for American goods dried up
the hawley-smoot tariff caused other countries to retaliate, so markets for American goods dried up