USA HISTORY

Detailed explanation-1: -The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. The US Congress displayed a pro-business attitude in passing the tariff and in promoting foreign trade by providing huge loans to Europe.

Detailed explanation-2: -One unintended consequence of the Fordney-McCumber tariff was that it made it more difficult for European nations to export to the United States and so earn dollars to service their war debts.

Detailed explanation-3: -How did the Fordney-McCumber Tariff affect other countries? The Fordney-McCumber Tariff affected other countries by having France and Britain put pressure on Germany to pay its promised reparations. But Germany could not make the payment because their economy had been destroyed. So French troops marched into Germany.

Detailed explanation-4: -The Smoot-Hawley Tariff Act, enacted in June 1930, added about 20% to the United States’ already high import duties on foreign agricultural products and manufactured goods. The Fordney-McCumber Act of 1922 previously raised the average import tax on foreign goods to about 40%.

Detailed explanation-5: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.