Birdwatch Note Rating
2024-06-21 11:49:44 UTC - HELPFUL
Rated by Participant: C445846728BDFE51BBE33877EDDFC6B494C2225BAF02A3C588DE80ABB03806D9
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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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