In 1930, U.S. Congress passed the Smoot-Hawley Tariff Act, with the hopes of calming the great depression, and to raise more revenue for the federal government. To quote the great Ben Stein in the cult <a data-evt-val="{&quot;control_fields&quot;: {&quot;mparticle&quot;: {&quot;keys&quot;: {&quot;click_source_type&quot;: &quot;click_source_type&quot;, &quot;anchor_text&quot;: &quot;anchor_text&quot;, &quot;target_url&quot;: &quot;target_url&quot;, &quot;layout_section&quot;: &quot;layout_section&quot;}, &quot;mp_event_type&quot;: &quot;Navigation&quot;, &quot;extra_keys&quot;: [&quot;click_vertical_position_percentage&quot;, &quot;click_vertical_position_pixels&quot;]}}, &quot;click_source_type&quot;: &quot;in-page link&quot;, &quot;anchor_text&quot;: &quot;classic&quot;, &quot;target_url&quot;: &quot;https://www.youtube.com/watch?v=uhiCFdWeQfA&quot;, &quot;layout_section&quot;: &quot;in-page-link&quot;}" href="https://www.youtube.com/watch?v=uhiCFdWeQfA" data-evt="click" data-evt-typ="click">classic</a> Farris Bueller’s Day Off “Did it work? Anyone? Anyone know the effects? It did not work and the U.S. sank deeper into the great depression.”

Tariffs are taxes paid for by a country's own consumers{ai:summary}<p>The Smoot-Hawley Tariff Act, enacted in 1930, aimed to alleviate the Great Depression and increase federal revenue. However, it ultimately failed to achieve its goals, leading to a deeper economic downturn in the U.S. </p><p>#economy</p>

David Clement: Trump is delusional on tariffs, but Canada shouldn't retaliate

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