THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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“Hire American & buy American”
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“More products lead to competitive prices”
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“Let’s compete freely ____ free trade & free seas”
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“A protective tariff is a typical conspiracy in restraint of trade”
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Detailed explanation-1: -The Smoot-Hawley Act was created to protect U.S. farmers and other industries from foreign competitors. The Smoot-Hawley Act increased tariffs on foreign imports to the U.S. by about 20%. At least 25 countries responded by increasing their own tariffs on American goods.
Detailed explanation-2: -Hawley, it was signed by President Herbert Hoover on June 17, 1930. 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.
Detailed explanation-3: -Which statement describes an effect of the Smoot-Hawley Tariff Act of 1930? Countries retaliated against the U.S. by raising their own tariffs.
Detailed explanation-4: -The Smoot-Hawley Tariff Act goal was to increase U.S. farmer protection against agricultural imports. Once other sectors caught wind of these changes, a large outcry to incrase tariffs in all sectors of the economy followed. The increase in this tariff added economic strain to countries during the Great Depression.