QQuestionEconomics
QuestionEconomics
Which of the following was a result of the Smoot-Hawley Tariff?
A. It reduced the supply of food in the United States.
B. It helped to lower food prices.
C. It helped to increase trade.
D. Europeans retaliated with their own protective tariffs.
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Answer
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Step 1I'll solve this problem step by step, focusing on the historical context and economic implications of the Smoot-Hawley Tariff.
Step 2: Understand the Smoot-Hawley Tariff
The Smoot-Hawley Tariff Act of 1930 was a protectionist trade policy passed during the early stages of the Great Depression. It significantly raised import duties on many foreign goods entering the United States.
Final Answer
Europeans retaliated with their own protective tariffs. Key Historical Context: - The Smoot-Hawley Tariff Act raised import duties to about 60% on many goods - This triggered retaliatory tariffs from European countries - The resulting trade war contributed to the deepening of the Great Depression - International trade volume dramatically decreased in the early 1930s
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