Hawley Smoot Tariff
Matthew Smith
The tariff, supported by Senator Reed Smoot and Representative Willis C Hawley, quadrupled previous tariffs on imported goods. It set extreme duties on a wide variety of goods, aiming at supporting domestic business. Instead, the tariff greatly hurt it. Its passing resulted in lower exports and retaliatory tariffs by other countries.
Significance
The Smoot Hawley tariff exacerbated the great depression, extending it and worsening it. The tariffs created by other countries in response decreased worldwide trade by nearly fifty percent. Possibly the worst economic policy ever passed by the United States government. Repealed by the Reciprocal Trade Agreements Act.