Sentences with phrase «u.s. smoot»

In this context, China will be compelled to initially respond through sanctions of its own and to also accelerate the negotiation of exclusionary trade agreements with third countries, in the same way that Canada struck a preferred deal with the U.K. in response to the protectionist U.S. Smoot - Hawley Tariff Act of 1930.

Not exact matches

Ross added nuance to that remark, speaking on a panel at Davos later in the day: «Nobody is trying to ignite what Smoot - Hawley did during the Depression,» Ross said, referring to legislation passed in 1930 that slapped tariffs on nations that shipped goods to the U.S. and arguably made the era's financial downturn even worse.

In total, the volume of U.S. imports fell 40 % in the two years following Smoot - Hawley, which became law in June 1930.

The original letter was sent 88 years ago to urge U.S. lawmakers to reject the Smoot - Hawley Tariff Act, but it didn't work.