<Li> Signed into law by President Herbert Hoover on June 17, 1930 </Li> <P> The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot--Hawley Tariff or Hawley--Smoot Tariff, was an act implementing protectionist trade policies sponsored by Senator Reed Smoot and Representative Willis C. Hawley and was signed into law on June 17, 1930 . The act raised U.S. tariffs on over 20,000 imported goods . </P> <P> The tariffs (this does not include duty - free imports--see Tariff levels below) under the act were the second - highest in the U.S. in 100 years, exceeded by a small margin by the Tariff of 1828 . The Act and following retaliatory tariffs by America's trading partners were major factors of the reduction of American exports and imports by more than half during the Depression . Although economists disagree by how much, the consensus view among economists and economic historians is that "The passage of the Smoot--Hawley Tariff exacerbated the Great Depression ." </P> <P> In 1922, Congress passed the Fordney--McCumber Tariff act which increased tariffs on imports . </P>

What were the economic effects of the hawley smoot tariff of 1930 quizlet