Smoot-Hawley Tariff of 1930 decreased both imports and exports, and exacerbated the economic downturn. Did that lead to increased trade between countries other than US? Or did it decrease trade globally, impacting economies all around the world?
Smoot-Hawley Tariff of 1930 decreased both imports and exports, and exacerbated the economic downturn. Did that lead to increased trade between countries other than US? Or did it decrease trade globally, impacting economies all around the world?
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The Smoot-Hawley Tariff of 1930 had a major ripple effect beyond just the U.S.—it’s often seen as a trigger for a wave of global protectionism during a fragile economic period. While its direct role in causing the Great Depression is debated, it certainly worsened international trade relations. Dozens of U.S. trade partners retaliated with tariffs of their own, which caused global trade volumes to plummet. Rather than increasing trade between other countries, the general trend was a shrinking of global trade overall, as economic nationalism and protectionist policies spread. So yes, it had a significant impact on the broader global economy, deepening the worldwide depression by disrupting the flow of goods, capital, and confidence.