The main result of the Smoot-Hawley Tariff was that the Great Depression around the world deepened. The Smoot-Hawley Tariff act was put into place in June of 1930.Continue Reading
During the late 1920s and the early 1930s, the United States faced a massive economic decline. Along with high unemployment rates, the country saw the closing of many banks which had a huge impact on international trade. In attempt to bring the country out of the slump, lawmakers passed the Smoot-Hawley Tariff, also known as the Tariff Act of 1930. The act raised tariffs on imported goods significantly.
In total, more than 1,000 economists appealed to Herbert Hoover to veto the act, yet it passed and went into effect on March 13, 1930. The increasing tariffs caused tensions between the U.S. and foreign trade partners. With other countries refusing to pay the tariff, international trade declined significantly which drove America further into the depression. The high tariffs began changing in 1934 after Franklin D. Roosevelt was elected into office. The president and his Democratic Party put the Reciprocal Trade Agreements Act into place which allowed lawmakers to negotiate tariff prices on international trade on a case-by-case basis. This act and those that followed helped to improve international relations and increase trade.Learn more about Modern History
As of August 2015, the U.S. International Trade Commission publishes tariff codes in the Official Harmonized Tariff Schedule for 2015. The schedule is available on the Trade Commission's official website, USITC.gov. Alternatively, the Government Publishing Office provides hard copies for order through their website or via phone at 866-512-1800.Full Answer >
A harmonized system tariff classification number is a 10-digit number in the Harmonized Tariff Schedule, which is used in the United States to classify imported goods, as of 2015, according to Export.gov. The U.S. International Trade Commission administers the HTS import classification system. The United States uses 10-digit Schedule B numbers to classify goods it exports to other countries. The Foreign Trade Division of the U.S. Commerce Department's Census Bureau administers the U.S. export classification system Schedule B numbers.Full Answer >
Alexander the Great's conquests led to a new era known as the Hellenistic Age, because the Greek culture was spread to the conquered lands. Without Alexander the Great to conquer those lands, the Greek culture may have remained within Greece.Full Answer >
Some famous women in history include Georgia O’Keefe, Catherine the Great and Jane Austen. From art to politics to literature, these notable women were all highly influential.Full Answer >