Bill > SRes281

This resolution commemorates the 95th anniversary of the Tariff Act of 1930 (also known as the Smoot-Hawley Tariff Act) by reflecting on its profound economic consequences. The resolution acknowledges that the act, signed by President Hoover, raised tariffs on imported goods in an attempt to protect U.S. farmers and manufacturers, but ultimately had devastating effects, including severe retaliation from trading partners like Canada and European countries. The tariffs contributed significantly to the Great Depression, causing U.S. exports to plummet by 68% between 1929 and 1933, triggering consumer boycotts, and helping to drive the unemployment rate to nearly 23% by 1932. The Senate now recognizes this historical moment as a cautionary tale about protectionist economic policies, affirming the importance of rules-based international trade that reduces production costs, strengthens economic cooperation, provides consumers with affordable goods, and opens foreign markets. The resolution commits to encouraging trade policies that promote economic growth while avoiding similar historical policy mistakes.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-resolution/281/all-info