The United States imposes the protectionist Smoot-Hawley Tariff bill becomes law, raising the average tariff by some 20 percent and worsening an already suffering world economy. Formally known as the United States Tariff Act of 1930 It significantly raised tariffs on thousands of imported goods in an attempt to protect American farmers and businesses from foreign competition during the Great Depression. It is widely criticized for worsening the Depression by triggering retaliatory tariffs from other nations, leading to a collapse in global trade. The law got its name from its chief supporters, Representative Willis Hawley of Oregon and Senator Reed Smoot of Utah. More
