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17 June 1930: Hoover signs the Smoot-Hawley tariff

On June 17, 1930 President Hoover signed the Smoot-Hawley Tariff Act, raising duties on thousands of imported goods, despite a petition from more than 1,000 economists urging a veto. Trading partners retaliated, and world trade fell sharply in the following years. Most economists believe it worsened the Great Depression, making Smoot-Hawley a lasting shorthand for protectionism gone wrong.

The lesson: Trade barriers invite retaliation; the overall cost of a trade war is usually greater than the gain.

17 June 1930: Hoover signs the Smoot-Hawley tariff