Question

Drag the outcomes of the Smoot-Hawley Tariff in chronological order.

Answer 1

Answer:

The outcomes of the Smoot-Hawley Tariff started from the introduction of the tariff that raised taxes on many imported goods to the closure of trade markets. The chronological order is given below:

Explanation:

1) The Smoot-Hawley Tariff raised taxes on thousands of imports.

2) The tariff angered America's foreign trade partners.

3) America's trade partners raised taxes on American goods, shrinking international trade.

4) Trade markets closed and the Great Depression worsened.

The Smoot-Hawley Tariff or the Tariff Act of 1930 was a law that applied protectionist trade policies in the US. This raised the US tariffs on over 20,000 imported goods and they were the second-highest in the history of the United States. It was done to provide revenue, encourage the industries of the United States, protect American labour, regulate commerce with foreign countries and more. But this didn't go down well with other countries. In retaliation, they raised taxes on American goods which reduced American exports and imports by 67% and intensified the Great Depression.