Smoot–Hawley Tariff Act

A 1930 U.S. law that sharply raised tariffs on thousands of imported goods. Its enactment prompted retaliatory trade barriers and became a lasting symbol of protectionism during the Great Depression.

Fordney–McCumber Tariff: A 1922 U.S. law that raised tariffs on many imported goods. It established the high-tariff policy that Smoot–Hawley extended.
Tariff retaliation: The use of higher import duties in response to another government's tariffs. Trading partners answered U.S. duties with restrictions on American exports.
Tariff: A tax imposed on goods imported into a country. The act operated by raising this kind of border tax.
Protectionism: Economic policies that restrict imports to shield domestic producers from foreign competition. The act is a major U.S. example of this policy approach.
Reed Smoot: A Utah Republican who chaired the Senate Finance Committee and sponsored the 1930 tariff bill. His role gave the tariff its first name.
Great Depression: A worldwide economic crisis beginning in 1929, marked by prolonged unemployment and falling output. The tariff became entangled with the crisis, though it did not cause its onset.
Tariff schedule: A list specifying the customs duties charged on imported goods. Its many product-specific rates made the law's reach broad and uneven.
Free trade: International exchange with few or no government-imposed barriers. Its advocates opposed the new duties as harmful to commerce and consumers.
Willis C. Hawley: An Oregon Republican who chaired the House Ways and Means Committee and sponsored the 1930 tariff bill. His role gave the tariff its second name.
International trade: The exchange of goods and services across national borders. The act's effects were felt through changes in cross-border commerce.

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