Birdwatch Note Rating
2024-06-21 03:38:28 UTC - HELPFUL
Rated by Participant: 077F25A014CF9C4F954589419526BE9564058B0EFF384A246B133B7EDD2CEE0F
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Original Note:
The Smoot-Hawley Tariff of 1930 was adopted as an intended stimulus measure to "protect" American industry from the stock market crash. Instead of stimulating the economy, the measure backfired and caused a global collapse in trade, thereby worsening the Great Depression. https://www.cato.org/publications/problem-tariff-american-economic-history-1787-1934#protectionism-income-tax-era
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