The Smoot-Hawley Tariff Scare
The success and prosperity of the roaring twenties was toppled over by the anticipated passing of the Smoot-Hawley Tariff . This is what caused the stock market crash of 1929. When combined with tax hikes enforced by the federal government it resulted in the period of U.S. History which lasted until after the end of World War II called the Great Depression. So, what was the Smoot-Hawley Tariff ? A tariff, named after Reed Smoot and Willis C. Hawley, that was to be imposed on every agricultural product that came into the United States. The individuals who lobbied for this bill to be passed wanted protection from the foreign competitors in the agricultural industry. It was a measure that was initially pushed by Herbert Hoover during his time as Secretary of Commerce under the Warren G. Harding and Calvin Coolidge administration. So, you know that as President of the United States, he was rooting for this bill to be made into a law. Not too many others saw things his way and agr...