Smoot-Hawley Tariff Act
Smoot-Hawley Tariff Act: the 1930 United States Tariff Act. It was passed at the onset of the Great Depression and is remembered for having raised tariffs to the highest level in United States history. The tariff rates specified by this Act, like those of its predecessor, the Tariff Act of 1909, were fixed and could not be reduced through negotiation. It was amended in 1934 by the Reciprocal Trade Agreements Act. This launched the Reciprocal Trade Agreements Program which permitted negotiated tariff reductions. The effect on international trade of the Smoot-Hawley tariff is still being debated. There is a widespread belief, expressed in many economic histories, that it was one of the major causes of the deepening recession. As far as the United States economy is concerned, this may be a misreading of the influence of the higher tariff. At that time, United States imports only
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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