Upgrade subject to access all content
What long-term impact did the 1930 Smoot-Hawley Tariff have upon the economic crisis?
It helped ease the crisis by allowing Europeans to purchase American products cheaply.
The high tariff rates added to the increased tension between the United States and Japan during the late 1930s.
It permitted the British and French to negotiate tariff rates in order to repay their WWI loans.
Its low rates deepened the crisis, further depleting cash out of American banks.
Its high rates caused retaliation and restrictions on American trade abroad.