TIL about the Smooth-Hawley tariff act of 1930 which increased US tariffs (by an average of 20%) on over 20,000 imported goods, while it seemed succesful at first by 1933 US exports had declined by 61% and its GNP by almost 50%

https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act
#til #todayilearned
https://www.reddit.com/r/todayilearned/comments/1jrbbnp/til_about_the_smoothhawley_tariff_act_of_1930/