The Smoot-Hawley Act aimed to liberalize trade by eliminating tariffs,

QUESTION

The Smoot-Hawley Act aimed to liberalize trade by eliminating tariffs, subsidies, and import quotas.

Indicate whether the statement is true or false.

ANSWER

FALSE
Aimed at avoiding rising unemployment by protecting domestic industries and diverting consumer demand away from foreign products, the Smoot-Hawley Act erected an enormous wall of tariff barriers. Almost every industry was rewarded with its “made-to-order” tariff.