The lasting impact of the Hawley-Smoot Tariff enacted during the Great Depression was the end of the use of high tariffs in 20th-century American trade policy.
Further Explanations:
The “Great Depression” was the era of severe global economic depression that occurred during the 1930s, firstly in the United States and then later in other nations. The era is supposed to have existed for almost one year with a very devastating effect. It is considered to have the worst every economic recession in the antiquity of the industrialized domain. The beginning of the depression started with the “Stock market crash” of October 1929 and then took numerous nations into its flow.
Smoot-Hawley Tariff Act was a “Tariff Act“ of 1930 was enforced to raise the import duties on foreign products and protect American domestic businesses. In fact it was adding substantial strain to the global monetary climate during the “Great Depression”. Some economists believed that this act worsen the situation even more.
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Answer Details:
Grade: High school
Subject: US History
Chapter: Great Depression
Keywords:
Great Depression,United States, economic recession, industrialized domain, Stock market crash,Smoot-Hawley Tariff, Tariff Act, American domestic businesses, global, monetary
