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Willis C. Hawley and Reed
Smoot
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Definition
of
a Tariff
Tariff Definition:
What is a tariff? A Tariff is a tax placed on goods
imported from foreign countries. Tariffs enable a nation
to raise money from the taxes and at the same time
protect a nation's goods from cheaper priced foreign
products.
Hawley Smoot Tariff Facts: Fast Fact Sheet
Fast, fun facts and Frequently Asked Questions (FAQ's)
about the Hawley Smoot Tariff.
What was the Purpose of the Hawley Smoot Tariff? The
purpose of the Hawley Smoot Tariff was to
raise tariffs on imports to protect American
manufacturers from foreign competition.
Why did the Hawley Smoot Tariff do? By
raising tariffs to record levels the Hawley Smoot Tariff
resulted in Americans buying few foreign
products which infuriated countries in
Europe.
What effect did the Hawley Smoot Tariff have?
Countries in Europe angrily responded to the Hawley Smoot Tariff
by raising their own tariffs against
American goods that had the effect of
reducing US sales overseas.
Why was the Hawley Smoot Tariff important?
The Hawley Smoot Tariff seriously backfired.
It was important due to its impact on
foreign trade. American products were too
expensive to buy in Europe, and restricted
trade. The loss of exports intensified the
impact of the Great Depression.
The Hawley Smoot Tariff
Facts for kids
The following fact
sheet contains interesting facts and information on Hawley Smoot Tariff.
Facts
about the Hawley Smoot Tariff for kids
Hawley Smoot Tariff Fact 1:
The
Hawley Smoot Tariff brought the U.S. tariff to
the highest protective level in the history of the
United States of America.
Hawley Smoot Tariff Fact
2: U.S. exports to Europe saw a massive
fall from $2,341 million in 1929 to $784 million in
1932.
Hawley Smoot Tariff Fact 3:
The policy of
Isolationism in the 1920's aimed at self-advancement
to make the United States economically self-reliant continued with
the passage of the Hawley Smoot
Tariff Act.
Hawley Smoot Tariff Fact 4:
The Hawley Smoot
Tariff furthered the US policy of
Protectionism
and its principle of imposing higher tariffs on foreign goods.
Hawley Smoot Tariff Fact 5:
The Hawley Smoot
Tariff was the last legislation under which the U.S. Congress
set actual tariff rates.
Hawley Smoot Tariff Fact 6:
More than 1,000 economists made the
risks of the bill clear to President Herbert Hoover but
he ignored them and signed the act into law.
Hawley Smoot Tariff Fact 7:
Over twenty countries retaliated
against the act by raising their own tariffs against
American goods.
Hawley Smoot Tariff Fact 8:
The policies of
the US government fostered suspicion, opposition and
distrust overseas due to discrimination across trading
partners.
Hawley Smoot Tariff Fact
9: Farmers had
suffered a severe overproduction crisis during the 1920s
that had resulted in low prices of agricultural crops.
In his presidential campaign Republican Herbert Hoover
had pledged to help farmers by raising tariffs on
imports of farm products. Hoover believed this action
would also protect US industries and employment.
Hawley Smoot Tariff Fact
10: In 1934 Democrat President Franklin
D. Roosevelt signed the Reciprocal Trade Agreements Act
in 1934 that reduced tariff levels and promoted trade
liberalization and cooperation with foreign governments
moving to free international trade and reducing
American
Isolationism in the 1930's
Facts
about the Hawley Smoot Tariff for kids
Facts
about
Hawley Smoot Tariff for
kids
For visitors interested in the history of
protective tariffs refer to the following articles:
Hawley Smoot Tariff - President Herbert Hoover Video
The article on the Hawley Smoot Tariff provides detailed facts and a summary of one of the important events during his presidential term in office. The following
Herbert Hoover video will
give you additional important facts and dates about the political events experienced by the 31st American President whose presidency spanned from March 4, 1929 to March 4, 1933.
Hawley Smoot Tariff
●
Interesting Facts about Hawley Smoot Tariff for kids and schools
●
Summary of the Hawley Smoot Tariff in US history
●
The Hawley Smoot Tariff, a major
event in US history
●
Herbert Hoover from March 4, 1929 to March 4, 1933
●
Fast, fun facts about the Hawley Smoot Tariff
●
Foreign & Domestic
policies of President Herbert Hoover
● Herbert Hoover Presidency and
Hawley Smoot Tariff for schools,
homework, kids and children |
