abcnews.go.com
Smoot-Hawley Tariff Act Exacerbated Great Depression
The Smoot-Hawley Tariff Act of 1930, signed by President Hoover, significantly worsened the Great Depression by raising import tariffs and provoking retaliatory measures from other countries, decreasing international trade and contracting the global economy.
- What were the immediate consequences of the Smoot-Hawley Tariff Act on the US and global economies?
- The Smoot-Hawley Tariff Act of 1930, signed by President Hoover, significantly worsened the Great Depression by raising import tariffs and provoking retaliatory measures from other countries, leading to decreased international trade and economic contraction. This contrasts sharply with President Trump's claims that tariffs would revive the US economy.
- How did the political climate and economic conditions of the Hoover era influence the passage and impact of the Smoot-Hawley Tariff Act?
- The historical context reveals a pattern of high tariffs in the US, often resulting in economic downturns. While initially intended to protect domestic industries, these tariffs frequently triggered retaliatory measures from trading partners, ultimately harming the US economy. The Smoot-Hawley Act exemplifies this pattern, exacerbating the Great Depression.
- What lessons can be learned from the historical experience with high tariffs, and how might these lessons inform current trade policy debates?
- President Trump's current tariff policy echoes the failed approach of the Smoot-Hawley Act, potentially leading to similar negative consequences. The historical precedent suggests that protectionist trade policies can stifle international cooperation and severely damage the global economy, potentially creating another economic crisis.
Cognitive Concepts
Framing Bias
The article presents a balanced account of the history of tariffs in the US, comparing and contrasting the approaches of Presidents Hoover and Trump. While it highlights the negative consequences of the Smoot-Hawley Tariff Act, it also acknowledges the historical context and the long-standing use of tariffs as a tool for economic policy. The introduction clearly sets the stage by contrasting Trump's views on tariffs with the historical reality, thereby creating a balanced framework for the subsequent analysis. The use of expert opinions from economists adds further objectivity to the narrative.
Language Bias
The article maintains a largely neutral tone. However, phrases like "Trump's new levies" could be considered subtly loaded, although the article as a whole avoids overtly biased language. The overall language is factual and avoids inflammatory terms. Suggesting an alternative such as "Trump's recently implemented tariffs" would enhance neutrality further.
Bias by Omission
The article accurately presents the historical context of tariffs in the US, mentioning the Tariff Act of 1789, the tariffs following the War of 1812, and the Tariff Act of 1890. However, it could benefit from mentioning specific examples of retaliatory tariffs imposed by other countries in response to Smoot-Hawley and Trump's tariffs, beyond simply stating that they occurred. This would provide a more complete picture of the consequences of these policies. Additionally, while the economic impacts of the Great Depression are described, a more in-depth analysis of the economic arguments for and against tariffs during those periods would strengthen the piece. The article focuses primarily on the US perspective, and a discussion of the global economic consequences of these tariff policies would enhance the analysis. Given the length of the article, these omissions are understandable but would improve the analysis if space allowed.
Gender Bias
The article focuses primarily on the actions and policies of male political figures. While this reflects the historical reality of the time periods discussed, the article could benefit from mentioning or including the perspectives of women who were impacted by these economic policies, even if it is to acknowledge this absence.
Sustainable Development Goals
The Smoot-Hawley Tariff Act and President Trump's tariffs are presented as examples of trade policies that negatively impacted economic growth and led to job losses. The article highlights that these tariffs resulted in retaliatory measures from other countries, harming international trade and causing economic downturns. The Great Depression, following the Smoot-Hawley Act, is cited as a prime example of the devastating consequences of protectionist trade policies on employment and overall economic health.