Plain English with Derek Thompson cover image

Plain History: The Smoot-Hawley Tariff and the Great Depression

Plain English with Derek Thompson

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The Smoot-Hawley Tariff: Misguided Protectionism

This chapter analyzes the adverse effects of the Smoot-Hawley Tariff on U.S. agriculture and the economy during the 1920s, illustrating how it sparked retaliation from other countries and ultimately harmed farmers. It critiques the fundamental misunderstanding among lawmakers who believed tariffs would benefit domestic prices, while exploring the consequential political shift towards free trade that emerged in response. The chapter concludes with the Reciprocal Trade Agreements Act of 1934, marking a significant evolution toward executive power in trade negotiations and laying the foundation for future trade policies.

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