THE ROARING 20S 1920 1929
AMERICAN POLITICS IN THE 1920S
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to make it easier to sell American goods overseas
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to prevent the importation of inexpensive foreign goods
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to stop farmers from sending surplus crops overseas
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to increase the number of imports in the United States
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Detailed explanation-1: -High tariffs were a means not only of protecting infant industries, but of generating revenue for the federal government. They were also a mainstay of the Republican Party, which dominated the Washington political scene after the Civil War.
Detailed explanation-2: -The punitive tariffs raised duties to the point that countries could not sell goods in the United States. This prompted retaliatory tariffs, making imports costly for everyone and leading to bank failures in those countries that enacted such tariffs.
Detailed explanation-3: -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-4: -What were the causes of the Great Depression? The stock market crash, people buying on credit, banks didn’t have enough money, and high tariffs were all causes of the Great Depression. How did high tariffs affect the economy? They hurt the economy by limiting American producers’ ability to sell goods overseas.
Detailed explanation-5: -The act raised US tariffs on over 20, 000 imported goods. An Act To provide revenue, to regulate commerce with foreign countries, to encourage the industries of the United States, to protect American labor, and for other purposes.