Because otherwise the national debt is going to cause all sorts of problems through the International market for U.S. Bonds.
If his ego continues like this he will damage the U.S more than any other president even more than the Smoot Hawley Tariff Act of 1930 which helped bring about the Great Depression and made it worse.
Begin quote from Google AI:
The Smoot-Hawley Tariff Act, formally the Tariff Act of 1930, was a
U.S. tariff act that raised import duties on over 20,000 goods to
protect American industries from foreign competition, particularly
during the Great Depression. Signed
into law by President Herbert Hoover in 1930, it was named after its
chief congressional sponsors, Senator Reed Smoot and Representative
Willis Hawley.
Key aspects of the Smoot-Hawley Tariff Act:
- Purpose:To protect domestic industries and farmers from foreign competition during a period of economic hardship.
- Impact:It significantly increased U.S. import duties, leading to retaliatory tariffs from other countries, and a sharp decline in global trade.
- Criticism:Many economists and historians view the act as a policy mistake that worsened the Great Depression.
- Historical Significance:It is a cautionary tale about the potential negative consequences of protectionist trade policies.
- Follow-up:The Reciprocal Trade Agreements Act of 1934, which took a more liberal approach to trade, was enacted later.
Smoot-Hawley Tariff Act | History, Effects, & Facts - Britannica
Smoot-Hawley
Tariff Act, U.S. legislation (June 17, 1930) that raised import duties
to protect American businesses and farmers, ad...
Britannica
Smoot-Hawley Tariff Act - Overview, Legislative History, Impact
Corporate Finance Institute
- Show all
Generative AI is experimental.
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.
Feedback
People also ask
Feedback
The Tariff Act of 1930, also known as the Smoot–Hawley Tariff Act, was a protectionist trade measure signed into law in the United States by President ...
5 days ago — The Smoot-Hawley Tariff Act (1930) imposed steep tariffs on many industrial and agricultural goods, inviting retaliatory measures that ...
It was on June 13, 1930, that the Senate passed the Smoot-Hawley Tariff, among the most catastrophic acts in congressional history.
Videos
5:33
4:30
4 key moments in this video
17:02
7 key moments in this video
Feedback
Smoot-Hawley marked the end of the line for high tariffs in 20th century American trade policy. Thereafter, beginning with the 1934 Reciprocal Trade Agreements ...
Apr 3, 2025 — For products already facing tariffs, the law, on average, raised the import tax from 40% to nearly 60%, making for an increase of roughly 20 ...
The Smoot-Hawley Tariff Act raised U.S. import taxes to protect American businesses from foreign competition. Global trade plummeted as a result.
Feb 5, 2025 — Smoot-Hawley raised the average tariff on dutiable imports to 47% from 40%, Irwin said. Depression-era price deflation ultimately helped push ...
Apr 8, 2025 — The Smoot-Hawley tariff on average raised import duties by 15 percent on hundreds of goods, according to an estimate by Douglas Irwin, professor ...
People also search for
Smoot–Hawley Tariff Act
The
Tariff Act of 1930, also known as the Smoot–Hawley Tariff Act, was a
protectionist trade measure signed into law in the United States by
President Herbert Hoover on June 17, 1930.
Source:Wikipedia
Originally published: March 13, 1930
Enacted by: the 71st United States Congress
Public law: Pub. L. 71–361
Statutes at Large: ch. 497, 46 Stat. 590
U.S.C. sections created: 589
Feedback
No comments:
Post a Comment