Describe the effects of the smoot-hawley tariff, International Economics

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Q. Describe the effects of the Smoot-Hawley tariff imposed by the United States in 1930.

Answer: It had a damaging consequence on employment abroad. The foreign response occupied retaliatory trade preferential and restrictions trading arrangements among a group of countries. This is an illustration of a "beggar-thy-neighbor" policy meaning a policy that benefits the home country only because it worsens economic conditions abroad.


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