Tariff Act of 1930
The Tariff Act of 1930, also known as the Smoot-Hawley Tariff, was a law enacted in the United States that raised tariffs on many imported goods. Its primary goal was to protect American industries from foreign competition during the economic downturn of the Great Depression. However, it led to retaliatory tariffs from other countries, which further strained international trade.
The act significantly increased duties on over 20,000 imported items, making foreign products more expensive. While it aimed to support domestic producers, the Tariff Act of 1930 is often criticized for worsening the economic situation by reducing global trade and contributing to the deepening of the Great Depression.