Smoot-Hawley’s effect on the entire U.S. economy may have been small, compared to the monetary policy of the Federal Reserve System. By 1937 the effective tariff rate was reduced to 15.6% when the reaction of 1937-1938 occurred, demonstrating no statistical correlation between this economic downturn and tariff levels.
IMO, Smoot Hawely was passed because of the dow falling and not becasue of...
IMO, Smoot Hawely was passed because of the dow falling and not the casuse of...
There, fixed it.