jun 17, 1930 - Smoot-Hawley Tariff Act

Description:

Protectionist measure: In response to the stock market crash of 1929 protectionism gained strength
- a legislation that raised import duties → protect US businesses and farmers
- Signaled U.S. isolationism → damaged international relations
- Not very effective: it was met with significant criticism and had a detrimental impact on the U.S. economy and international trade: tariffs made imports too expensive for most Americans, drastically reducing the volume of exported goods → contributed to bank failures + the act raised duties to a point where other countries could not sell their goods in the United States.

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