A resolution commemorating the 95th anniversary of the enactment of the Tariff Act of 1930.

Key Points

• This resolution marks 95 years since the Smoot-Hawley Tariff Act was signed. It describes the act as one of the most damaging mistakes in the history of Congress because it triggered trade wars with other countries.
• The resolution points out that after the 1930 law passed, other nations fought back by raising their own taxes on American goods. This caused American exports to drop by 68 percent and helped lead to the Great Depression.
• It highlights how the act hurt regular people by causing unemployment to jump to 23 percent. The resolution argues that open trade is better for the economy because it lowers prices for families and helps American businesses sell products around the world.
• By passing this, the Senate would officially recognize that high trade barriers can damage the economy. It aims to remind leaders today to avoid repeating the same economic mistakes made in the past.

Impact Analysis

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