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Comments by "Darlene" (@darlene2709) on "Bloomberg Podcasts" channel.
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The Smoot-Hawley Tariff Act of 1930 made the Great Depression worse by: Increasing import prices: The act made imports unaffordable for most people, except the wealthy. Decreasing exports: The act dramatically reduced the amount of exported goods. Contributing to bank failures: The act contributed to bank failures, especially in agricultural regions. Encouraging other countries to raise tariffs: The act encouraged every country that traded with the United States to raise tariffs as well. Reducing global trade: The act reduced global trade and slowed down the global economy. Highlighting the dangers of protectionist trade policies: The act highlighted how dangerous protectionist trade policies are for the world economy.
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