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The New Smoot-Hawley: Protectionism Is Bad for American Businesses, Workers, and Consumers

In 1930, Congress passed the Tariff Act introduced by Sen. Reed Smoot (R-Utah) and Rep. Willis Hawley (R-Ore.). The bill raised tariffs -- or taxes paid on imports into the United States -- on more than 20,000 imported goods. Against the advice of more than 1,000 economists, President Herbert Hoover signed Smoot-Hawley into law.

04/05/2016