During the Great Depression, nations raised tariffs to protect domestic industries and boost their economies, inadvertently causing retaliatory tariffs and a decline in international trade.
Raising tariffs during the Great Depression was a common practice among many nations as a response to economic challenges. The goal was to protect domestic industries by making foreign goods more expensive, thus encouraging consumers to buy locally-produced goods, ultimately aiming to boost the domestic economy. However, this approach often led to retaliatory tariffs by other countries and a decline in international trade, exacerbating the global economic crisis.
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