Smoot-Hawley Tariff: Protectionism's Economic Disaster

The Smoot-Hawley Tariff Act of 1930 is one of the most infamous pieces of U.S. trade legislation, often blamed for worsening the Great Depression. Here are some fried facts (crispy, hot takes) about it:

🔥 1. Designed to Protect Farmers, Ended Up Hurting Everyone

The tariff was originally meant to protect American farmers from foreign competition. But politicians couldn’t resist adding hundreds of industrial tariffs, turning it into a massive protectionist measure.

🌍 2. Global Trade Plummeted

The U.S. raised tariffs on over 20,000 imported goods, prompting other countries to retaliate. Global trade fell by nearly 66% between 1929 and 1934.

📉 3. Made the Great Depression Worse

Economists like Milton Friedman argued that Smoot-Hawley deepened and prolonged the Depression by stifling international trade and worsening economic instability.

� 4. Over 1,000 Economists Begged Hoover to Veto It

A petition signed by 1,028 economists warned of disaster. Even Henry Ford lobbied against it, calling it 'economic stupidity.' Hoover signed it anyway.

🇨🇦 5. Canada Retaliated Hard

Canada, the U.S.’s biggest trading partner at the time, shifted 80% of its imports to Britain instead. Some historians argue this helped strengthen the British Empire’s trade bloc.

🗳️ 6. Political Backfire

The backlash was so severe that Republicans lost 52 House seats in the 1930 midterms, and Hoover lost re-election in 1932 to FDR, who then worked to lower tariffs.

🏛️ 7. Paved the Way for Trade Liberalization

The disaster of Smoot-Hawley led to the Reciprocal Trade Agreements Act (1934), giving the president power to negotiate lower tariffs—a shift toward modern trade policy.

💡 Final Thought

Smoot-Hawley remains a cautionary tale about the dangers of protectionism and trade wars. Many economists see parallels in modern economic conflicts.

Want more deep-fried economic history? 🔥 Let me know!

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