The Tariff Act of 1930, commonly known as the Smoot-Hawley Tariff or Hawley-Smoot Tariff, was a law that implemented protectionist trade policies in the United States. Sponsored by Senator Reed Smoot and Representative Willis C. Hawley, it was signed by President Herbert Hoover on June 17, 1930. The act raised US tariffs on over 20,000 imported goods.
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented.
The Great Depression in the United Kingdom also known as the Great Slump, was a period of national economic downturn in the 1930s, which had its origins in the global Great Depression. It was Britain's largest and most profound economic depression of the 20th century. The Great Depression originated in the United States in late 1929 and quickly spread to the world. Britain did not experience the boom that had characterized the U.S., Germany, Canada and Australia in the 1920s, so its effect appeared less severe. Britain's world trade fell by half (1929–33), the output of heavy industry fell by a third, employment profits plunged in nearly all sectors. At the depth in summer 1932, registered unemployed numbered 3.5 million, and many more had only part-time employment. However at the same time, from 1929 to 1933 employment dipped only to 94.9% relative to 1929 employment metrics and recovery was seen as early at 1933. The positive trend continued across real national income and wages. New houses built increased by 33% from 1929 to 1933, while profits, prices, export volume and value, and imports volume and value dropped. Overall, while all these metrics were concerning to parliament and businessmen along with devastating industrial regions, the common person especially in areas around London did not experience major hardship and even prospered.
The Conservative Party of Canada has gone by a variety of names over the years since Canadian Confederation. Initially known as the "Liberal-Conservative Party", it dropped "Liberal" from its name in 1873, although many of its candidates continued to use this name.
Trade barriers are government-induced restrictions on international trade. According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency.
The National Policy was a Canadian economic program introduced by John A. Macdonald's Conservative Party in 1876. After Macdonald led the Conservatives to victory in the 1878 Canadian federal election, he began implementing his policy in 1879. The protective policy had shown positive responses in the economy with new industries flourishing Canada's economy in the 1880s. John A. Macdonald combined three elements as a strategy for the post-Confederation economy. First, by calling for high tariffs on imported manufactured items to protect the manufacturing industry. Second, by calling for a massive expansion of physical infrastructure, such as roads and railroads. Finally, enabled and supported by the former two, by promoting population growth, particularly in western Canada. The building of the Canadian Pacific Railway, and the fostering of immigration to Western Canada. Macdonald campaigned on the policy in the 1878 election, and defeated the Liberal Party, which supported free trade. It lasted from 1879 until sometime in the early 1950s.
In the politics of the United Kingdom, a National Government is a coalition of some or all of the major political parties. In a historical sense, it refers primarily to the governments of Ramsay MacDonald, Stanley Baldwin and Neville Chamberlain which held office from 1931 until 1940.
At the 1931 general election, a small group of official Liberal candidates led by former Liberal Party leader, David Lloyd George, and mostly related to him, stood on a platform of opposition to the National Government and were sometimes referred to as Independent Liberals.
Imperial Preference was a system of mutual tariff reduction enacted throughout the British Empire as well as the then British Commonwealth following the Ottawa Conference of 1932. As Commonwealth Preference, the proposal was later revived in regard to the members of the Commonwealth of Nations. Joseph Chamberlain, the powerful colonial secretary from 1895 until 1903, argued vigorously that Britain could compete with its growing industrial rivals and thus maintain Great Power status. The best way to do so would be to enhance internal trade inside the worldwide British Empire, with emphasis on the more developed areas — Australia, Canada, New Zealand, and South Africa — that had attracted large numbers of British settlers.
The Tariff Reform League (TRL) was a protectionist British pressure group formed in 1903 to protest against what they considered to be unfair foreign imports and to advocate Imperial Preference to protect British industry from foreign competition. It was well funded and included politicians, intellectuals and businessmen, and was popular with the grassroots of the Conservative Party. It was internally opposed by the Unionist Free Food League but that had virtually disappeared as a viable force by 1910. By 1914 the Tariff Reform League had approximately 250,000 members. It is associated with the national campaign of Joseph Chamberlain, the most outspoken and charismatic supporter of Tariff Reform. The historian Bruce Murray has claimed that the TRL "possessed fewer prejudices against large-scale government expenditure than any other political group in Edwardian Britain".
Tariffs have historically served a key role in the trade policy of the United States. Their purpose was to generate revenue for the federal government and to allow for import substitution industrialization by acting as a protective barrier around infant industries. They also aimed to reduce the trade deficit and the pressure of foreign competition. Tariffs were one of the pillars of the American System that allowed the rapid development and industrialization of the United States. The United States pursued a protectionist policy from the beginning of the 19th century until the middle of the 20th century. Between 1861 and 1933, they had one of the highest average tariff rates on manufactured imports in the world. However American agricultural and industrial goods were cheaper than rival products and the tariff had an impact primarily on wool products. After 1942 the U.S. began to promote worldwide free trade, but after the 2016 presidential election has gone back to protectionism.
The Import Duties Act 1932 was an Act of United Kingdom Parliament. The Act introduced a general tariff of 10% on most imports, though some foodstuffs, raw materials, and some imports from the British Empire were exempted. Specifically, the Dominions, India and Southern Rhodesia were exempt from these tariffs until 15 November 1932, when the Imperial Economic Conference at Ottawa would have agreed on a system of Imperial Preference.
The Ouchy Convention was negotiated at Ouchy (Switzerland) in June 1932, but signed at Geneva on 18 July 1932 between the two BLEU countries and the Netherlands. At the convention the three countries agreed to a gradual reduction of economic barriers and the creation of a customs union. The convention was based on the Oslo Agreements of 1930 and aimed in addition at the reduction of trade tariffs.
Australia and Canada have a longstanding relationship that has been fostered by both countries' shared history and culture, and links between residents of both countries. The two countries are former British Dominions and have a common head of state in King Charles III. Both countries are members of the Asia-Pacific Economic Cooperation, Cairns Group, Commonwealth of Nations, Five Eyes, OECD and the United Nations.
The 1902 Colonial Conference followed the conclusion of the Boer War and was held on the occasion of the coronation of King Edward VII. As with the previous conference, it was called by Secretary of State for the Colonies Joseph Chamberlain who opened it on 30 June 1902.
Commonwealth free trade is the process or proposal of removing barriers of trade between member states of the Commonwealth of Nations. The preferential trade regime within the British Empire continued in some form amongst Commonwealth nations under the Imperial Preference system, until that system was dismantled after World War II due to changes in geopolitics and the pattern of global trade, and the United Kingdom's entry into the European Economic Community. The idea of promoting renewed inter-Commonwealth trade emerged in the late 20th century as a response to the evolution of the global economy. At one extreme, proposals have been raised for the creation of a multilateral free trade area comprising all member states of the Commonwealth of Nations.
Protectionism in the United States is protectionist economic policy that erects tariffs and other barriers on imported goods. In the US this policy was most prevalent in the 19th century. At that time it was mainly used to protect Northern industries and was opposed by Southern states that wanted free trade to expand cotton and other agricultural exports. Protectionist measures included tariffs and quotas on imported goods, along with subsidies and other means, to restrain the free movement of imported goods, thus encouraging local industry.
The German tariff of 1879 was a protectionist law passed by the Reichstag that imposed tariffs on industrial and agricultural imports into Imperial Germany.
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