WORLD HISTORY

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: -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-3: -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.

Detailed explanation-4: -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.