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By the mid-1890s, in the midst of a devastating depression, tariff reform leapt to the front of electoral politics.
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In the Depression tariffs were the weapon of choice.
After the peak of the Depression, tariffs were reduced slightly, but remained high (Fig. 3).
Some observers have argued that by deepening the Great Depression the tariff may have contributed to the rise of political extremism, enabling leaders such as Adolf Hitler to improve their political strength and gain power.
During the Great Depression, a tariff war led to a suppression of demand, a contraction of world trade and prolonged and deepened global economic agony.
Are you for high tariffs or low tariffs?
At the dawn of the Great Depression, the Smoot-Hawley Tariff Act raised U.S. tariffs on more than 20,000 imported goods, which accelerated our decline instead of correcting it.
These steps failed to ease the depression, however, while the tariff helped to export it.
Surely, the heavens will tremble; trade wars impend; the apocalypse of Depression era Smoot Hawley tariffs are about to descend upon us.
World trade did indeed decline, but this was due to the Depression itself, not higher American tariffs.
When the Great Depression came right after the biggest tariff of all, the Smoot-Hawley law of 1930, the obnoxiousness of the tariff was coupled with poverty and privation so bad that it had to go.
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