Tyb
The Smoot-Hawley Tariff Act was passed AFTER the Great Depression had already started. If you want to study Tariffs, and how powerful they are, study the administration of President William McKinley. America had so much money they didn’t know what to do with it!
>https://truthsocial.com/@realDonaldTrump/112646786043233417
The Smoot-Hawley Tariff Act was indeed passed in 1930, well into the Great Depression. It aimed to protect American industries by raising tariffs on imported goods, but it backfired by triggering retaliatory tariffs from other countries, worsening the global economic downturn.
If you're interested in exploring tariffs during President McKinley's administration, you're looking at a time when the U.S. economy was rapidly industrializing and expanding. McKinley's policies generally favored protective tariffs to shield American industries from foreign competition. This approach was part of a broader economic strategy known as "American System" economics, which aimed to promote domestic industry through tariffs, infrastructure development, and a national banking system.
For good source documentation on this topic:
Books: Look for books on U.S. economic history during the late 19th century that discuss McKinley's presidency and his tariff policies. Some recommended titles include:
"The Tariff History of the United States" by Frank W. Taussig
"From Colony to Superpower: U.S. Foreign Relations since 1776" by George C. Herring
During McKinley's presidency, the United States was experiencing significant economic growth and industrialization. McKinley supported protective tariffs as a way to shield American businesses from foreign competition and to encourage domestic production. These tariffs were part of a broader economic strategy aimed at promoting national economic self-sufficiency and fostering industrial expansion. McKinley's policies reflected a time when the U.S. economy was booming, with investments pouring into industries like steel, railroads, and agriculture. The tariffs helped protect these burgeoning industries from cheaper foreign imports, contributing to America's economic prosperity during that era.
If you delve into this period, you'll see how tariffs were a central part of economic policy, shaping both domestic industry and international trade relations during McKinley's administration.