The Smoot-Hawley Tariff of 1930 raised tariff rates on tens of thousands of imported goods,and the results were that:

Question

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The Smoot-Hawley Tariff of 1930 significantly raised tariffs on imported goods, leading to retaliatory tariffs from other countries. This resulted in a decrease in both exports and imports. The reduction in trade activity contributed to a decrease in aggregate demand. Additionally, the negative impact on economic sectors involved in trade likely contributed to a reduction in aggregate supply, as businesses faced lower demand for exports and higher costs for imported goods.

The Smoot-Hawley Tariff of 1930 Raised Tariff Rates on Tens