The true statement concerning the impact of the Hawley-Smoot tariff on the global economy is: A. Countries responded to higher U.S. tariffs by raising their own tariffs, crippling world trade.
The Hawley-Smoot tariff is also referred to as Smoot-Hawley Tariff or Tariff Act of 1930 and it is a law of the government of the United States of America. Also, the bill was sponsored by two members of the United States Congress named, Willis C. Hawley and Reed Smoot.
The Hawley-Smoot tariff was signed into law on the 17th of June, 1930 by President Herbert Hoover.
Basically, the main purpose of the Hawley-Smoot tariff is to protect trade policies and encourage people to buy its products, especially by increasing tariffs on certain foreign products.
However, various countries around the world responded to this increase in U.S. tariffs by raising their own tariffs, which eventually led to the crippling of world trade.
In conclusion, the Hawley-Smoot tariff is considered to be the highest import tax in history that failed woefully.
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