The act that raised taxes on imports from foreign countries is called the Smoot-Hawley Tariff Act. This act was passed in 1930 in the United States. The purpose of the Smoot-Hawley Tariff Act was to protect American industries by increasing tariffs on over 20,000 imported goods.
Here's a breakdown of how the Smoot-Hawley Tariff Act impacted imports:
1. It raised tariffs on a wide range of products, making imported goods more expensive for American consumers.
2. In response, other countries also increased their tariffs on American goods, leading to a decrease in international trade.
3. The act is often criticized for worsening the Great Depression by reducing global trade and causing economic hardships for many countries.
Overall, the Smoot-Hawley Tariff Act is a notable example of how changes in trade policies can have significant impacts on the economy and international relations.
