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Smoot-Hawley Passes
In the end, Herbert Hoover signed the Smoot-Hawley Act in June 17, 1930, even though it implemented more tariffs than he wished. The Republican party prevailed after approximately fourteen months.
While the bill initially tried to solve the agricultural depression, the bill progressed to include other industries. Many industries pressured senators and some senators logrolled to help the tariff bill pass.
"Ball bearings, steel, textiles, shoes, bricks, collapsible tubs, bottle caps, sprinkler tops, you name it. Even the goldfish industry joined the protectionist exuberance."
- Sarah Gardner and Scott Tong, 2017
The Tariff Act of 1930 applied increased rates on over 20,000 imported goods. The ad valorem rate of 52.8 percent, which is significantly higher than the Fordney-McCumber Tariff's rate of 38.5%.
The chart to the left shows that the act was responsible for some of the highest tariff rates in US history.
Sang Hyun Chun, Senior Division, Individual Website