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Smoot-Hawley Tariff Act

Economics5 CardsCreated 8 months ago

This deck covers the key aspects of the Smoot-Hawley Tariff Act, including its purpose, outcomes, and unintended consequences.

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Tariff

A tax on imported goods

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Key Terms

Term
Definition
Tariff
A tax on imported goods
What was the Smoot-Hawley Tariff Act?
A law passed by Congress in 1930 to raise the tariffs on imported goods.
What was the goal of the Smoot-Hawley Tariff Act?
To protect American farmers and other industries from foreign competition.
What was the outcome of the Smoot-Hawley Tariff Act?
Damaged global economy Deepened Great Depression in America Decreased GDP, increased unemployment
What were the unintended consequences of the Smoot-Hawley Tariff Act?
Other countries put tariffs on American imported goods in response to the tariffs created by the Smoot-Hawley Tariff Act.

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Smoot-Hawley Tariff Act
TermDefinition
Tariff
A tax on imported goods
What was the Smoot-Hawley Tariff Act?
A law passed by Congress in 1930 to raise the tariffs on imported goods.
What was the goal of the Smoot-Hawley Tariff Act?
To protect American farmers and other industries from foreign competition.
What was the outcome of the Smoot-Hawley Tariff Act?
Damaged global economy Deepened Great Depression in America Decreased GDP, increased unemployment
What were the unintended consequences of the Smoot-Hawley Tariff Act?
Other countries put tariffs on American imported goods in response to the tariffs created by the Smoot-Hawley Tariff Act.