Smoot–Hawley Tariff or Hawley–Smoot Tariff,
The dutiable tariff level (this does not include duty-free imports under the act was the highest in the U.S. in 100 years, exceeded by a small margin by the Tariff of 1828. Some view the Act, and the ensuing retaliatory tariffs by U.S. trading partners, as responsible for reducing American exports and imports by more than half.
According to Ben Bernanke, "Economists still agree that Smoot-Hawley and the ensuing tariff wars were highly counterproductive and contributed to the depth and length of the global Depression." Alfred E. Eckes, Jr., chairman of the International Trade Commission in the Reagan era, discounts this and states that Smoot-Hawley had little effect on the severity of the Great Depression[
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