Smoot Hawley Tariff Act,
Definition of Smoot Hawley Tariff Act:
Legislation passed in 1930 which included drastic tariff increases for goods entering the United States. The enactment of these tariffs resulted in retaliatory tariffs from international trading partners and the US experienced significant decreases in both imports and exports. Subsequent legislation reduced tariffs and targeted increased freedom of trade.
How to use Smoot Hawley Tariff Act in a sentence?
- Many trade agreements have been signed since 1930 that have reduces tariffs and made it attractive for countries to accept imports from the U.S., a picture that was no so attractive when the high costs of the Smoot Hawley Tariff Act put the brakes on countries exporting their goods to the U.S.
- The Smoot Hawley Tariff Act was ineffective because the international players also retaliated so the Act was moot at best.
- You may want to familiarize yourself with the smoot hawley tariff act to see if there is anything you could learn from it.
Meaning of Smoot Hawley Tariff Act & Smoot Hawley Tariff Act Definition