During the past 70 years,the peak average tariff rate in the United States stemmed from the
A) creation of GATT in the middle of the 1940s.
B) Kennedy Administration in the early 1960s.
C) Uruguay round of GATT in the 1980s.
D) Smoot-Hawley Tariff Act in the early 1930s.
E) Clinton-Bush tariff of 2000-2001.

Question

Quizplus · Accepted Answer

The Smoot-Hawley Tariff Act, passed in 1930, set the highest average tariff rates in the United States during the past 70 years. This protectionist measure increased tariffs on over 20,000 imported goods, leading to a drastic reduction in international trade and worsening the Great Depression. Since then, the US has adopted a more liberal trade policy, reducing tariffs and participating in international trade agreements like GATT and the Uruguay Round. The Clinton-Bush Tariff of 2000-2001, while controversial, did not result in peak average tariff rates that exceeded those of the Smoot-Hawley Act.

During the Past 70 Years,the Peak Average Tariff Rate in the United