How did measures such as the Smoot-Hawley Tariff ad the British abandonment of the gold standard affect the global economy in the 1930's?
The Smoot-Hawley Tariff is usually seen as one of the things that helped to make the Great Depression as bad as it was. The Tariff did not start the Depression -- it was a response to it. The Smoot-Hawley Tariff raised taxes on imported goods as high as 60 percent. Not only did this burden American consumers with another tax, but it effectively killed international trade.
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The overall level tariffs under the Tariff were the second-highest in U.S. history, exceeded by a small margin only by the Tariff of 1828 and the ensuing retaliatory tariffs by U.S. trading partners reduced American exports and imports by more than half. Most economists at the time and since agree that it had a negative effect on the economy.
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