WORLD HISTORY

Detailed explanation-1: -The Smoot-Hawley Tariff Act of 1930 raised U.S. import duties with the goal of protecting American farmers and other industries from foreign competition. The Smoot-Hawley Tariff Act is now widely blamed for worsening the severity of the Great Depression in the U.S. and around the world.

Detailed explanation-2: -The Smoot-Hawley tariff bill finally passed in June 1930; it raised rates on over 20, 000 items, but as a whole, pleased no one. Over 1000 economists signed an open letter to President Hoover, begging him to veto the bill.

Detailed explanation-3: -It raised the price of imports to the point that they became unaffordable for all but the wealthy, and it dramatically decreased the amount of exported goods, thus contributing to bank failures, particularly in agricultural regions.

Detailed explanation-4: -What was a consequence of the Smoot-Hawley tariff? It raised tariffs and provoked foreign countries to raise retaliatory tariffs and, as a consequence, made it harder for American farms and businesses to sell abroad.

Detailed explanation-5: -In June 1930, the Smoot-Hawley Tariff Act increased U.S. tariffs on agricultural imports and more than 20, 000 imported goods. The tariffs imposed were the second-highest in American history. The goal was to protect American farmers who were most affected by the Great Depression.