Tariffs were a sideshow during the Great Depression.
In the two volume series published by the US Bureau of the Census entitled “The Historical Statistics of the United States, Colonial Times to 1970, Bicentennial Edition,” tariff rates have been represented in two forms. The “dutiable tariff rate” peak of 1932 was 59.1%, second only to the 61.7% rate of 1830. However, in 1933, 63% of all imports were never taxed which the “dutiable tariff rate” does not reflect. The “free and dutiable rate” in 1929 was 13.5% and peaked under Smoot-Hawley in 1933 at 19.8% which is significantly below the 29.7% “free and dutiable rate” that the United States averaged from 1821 until 1900.
The average tariff rate on dutiable imports  increased from 40.1% in 1929 to 59.1% in 1932 (+19%). However, it was already consistently at high level between 1865 and 1913 (from 38% to 52%). Moreover, It had also risen sharply in 1861 (from 18.61% to 36.2%; +17.6), between 1863 and 1866 (from 32.62% to 48.33%; +15.7%), between 1920 and 1922 (from 16.4% to 38.1%; +21.7%), without producing global depressions.
At first, the tariff seemed to be a success. According to historian Robert Sobel, “Factory payrolls, construction contracts, and industrial production all increased sharply.” However, larger economic problems loomed in the guise of weak banks. When the Creditanstalt of Austria failed in 1931, the global deficiencies of the Smoot-Hawley Tariff became apparent.
US imports decreased 66% from $4.4 billion (1929) to $1.5 billion (1933), and exports decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931 and bottomed out at $55.6 billion in 1933. Imports from Europe decreased from a 1929 high of $1.3 billion to just $390 million during 1932, while US exports to Europe decreased from $2.3 billion in 1929 to $784 million in 1932. Overall, world trade decreased by some 66% between 1929 and 1934.
Using panel data estimates of export and import equations for 17 countries, Jakob B. Madsen (2002) estimated the effects of increasing tariff and non-tariff trade barriers on worldwide trade during the period 19291932. He concluded that real international trade contracted somewhere around 33% overall. His estimates of the impact of various factors included about 14% because of declining GNP in each country, 8% because of increases in tariff rates, 5% because of deflation-induced tariff increases, and 6% because of the imposition of non-tariff barriers.
The new tariff imposed an effective tax rate of 60% on more than 3,200 products and materials imported into the United States, quadrupling previous tariff rates on individual items, but raising the average tariff rate to 19.2%, in line with average rates of that day.
Unemployment was at 8% in 1930 when the SmootHawley tariff was passed, but the new law failed to lower it. The rate jumped to 16% in 1931, and 25% in 193233. There is some contention about whether this can necessarily be attributed to the tariff, however. It was not until World War II, during which “the American economy expanded at an unprecedented rate”, that unemployment fell below 1930s levels.
Imports during 1929 were only 4.2% of the United States’ GNP and exports were only 5.0%. Monetarists, such as Milton Friedman, who emphasize the central role of the money supply in causing the depression, note that the SmootHawley Act only had a contributory effect on the entire U.S. economy.}
Unemployment was at 8% in 1930 when the SmootHawley tariff was passed, but the new law failed to lower it. The rate jumped to 16% in 1931, and 25% in 193233.
And yet we have 40 million people out of work right now, who could easily be employed here.
Where was the benefit of the lack of tariffs?
Where’s your report on that?
From 2000 to roughly 2012, we added about 2% to our “employed” figures. That figure for the prior 40 years had been 9.75% per four years. For twelve it should have been nearly 30%. It was 2%.
Please include this in your next report, if you’re going to tell the whole story on tariffs.
You could have also touched on how many jobs were lost in the United States due to China manipulating it’s currency to the point it effectively raised prices on our goods going in, by 30-40%. (a pseudo tariff)
We got to watch what the Free Traitors ushered in. It flopped miserably.
Trump is turning it around. Boo hoo... /s
Smoot Hawley is joke and lie to perpetuate the globalist lie. If you read contemporary histories of the GD trade is not even mentions in most of them, AT ALL.