The Fordney-McCumber and Hawley-Smoot Tariff laws had the long-term effect of

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The Fordney-McCumber and Hawley-Smoot Tariff laws imposed high tariffs on imported goods, making it difficult for European countries to participate in international trade and repay their war debts to the United States. This resulted in a contraction of international trade, which contributed to the global economic downturn of the 1930s. The tariffs did not bring American farmers out of the agricultural depression of the early 1920s and did not encourage the United States to turn more to Asia than to Europe for imports. The tariffs also did not lower the prices Americans paid for domestic manufactured goods, but instead protected them from foreign competition. The tariffs did not pressure the Europeans to lower their own tariff rates.

The Fordney-McCumber and Hawley-Smoot Tariff Laws Had the Long-Term Effect