While the U.S.was in the Great Depression

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Many countries were erecting trade barriers through tariffs during the Great Depression, which decreased international trade and negatively impacted the global economy. European countries were not immune to the economic downturn and also experienced significant declines in growth. While some U.S. businesses may have taken advantage of low interest rates, overall investment spending was low during the Great Depression. Most states did not have the resources to increase deficit spending as a form of stimulus, and instead had to make significant budget cuts.