17 giug 1930 anni - Tariffs and Protectionism

Descrizione:

Tariffs: increased taxes on imported products that would raise the cost of these products for consumers. These increased prices on foreign goods were meant to encourage consumers to buy domestic products. However, these heavy tariffs collapsed global trade and caused countries to lose massive amounts of income due to a lack of trade. (Tariff Act of 1930, U.S. law that exponentially increased tariffs on Canadian goods. In 1930, Canada made $515 million dollars trading with America. By 1932, this number dropped to $235 million due to tariffs).
Protectionism: the practice of shielding a country's domestic industries from foreign competition by taxing imports.

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