jun 4, 1930 - Hawley-Smoot Tariff passed (June 1930)

Description:

(1930) started out in House as fairly reasonable measure to assist farmers; Got ~1000 amendments as it got through Senate; Was highest protective tariff in nation's peacetime history; Average duty raised to ~60% from 38.5% on Fordney-McCumber Tariff;

seen as declaration of economic warfare on outside world; Reversed promising trend toward reasonable tariffs, widened trade gaps; Plunged US & other countries deeper into depression that already started; Increased int'l chaos, forced US further into economic isolation; Economic isolationism = playing directly into Hitler;

contributed to bad economy around world; Industry secured "bonus" thru this;

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