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The Hawley-Smoot Tariff of 1930 was implemented with the purpose of protecting American industries and farmers by raising tariffs on over 20,000 imported goods to historically high levels. The main objectives of the tariff were:
1. Protecting domestic industries: By imposing high tariffs on imported goods, the government aimed to make foreign products more expensive compared to American-made goods. This was intended to protect domestic industries from foreign competition and boost domestic production.
2. Supporting farmers: The tariff also aimed to assist American farmers who were struggling during the Great Depression. By increasing tariffs on agricultural imports, the government sought to raise the prices of domestic farm products and provide relief to farmers.
3. Revenue generation: Another goal of the tariff was to generate revenue for the government through increased tariffs on imports. The additional revenue was expected to help fund various government programs and initiatives during the economic downturn.
However, the Hawley-Smoot Tariff had unintended consequences, such as retaliatory tariffs from other countries, which led to a decrease in international trade and worsened the global economic situation. The tariff is often criticized for exacerbating the Great Depression rather than alleviating it.Answer:
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