Lead: In 1922 and 1930 in an effort to improve economic conditions, the United States Congress passed two powerful tariffs. Instead of helping they did just the opposite. 

                Intro.: A Moment in Time with Dan Roberts.

                Content: In a discipline noted for its tedium the study of the economic effects of tariffs can be very boring. Taxes on goods shipped into or out of a country have been around for a long time. Governments have always raised money with tariffs, but also have used them to protect native industries or groups from foreign competition. In 1922, the United States Congress, fearing a flood of European imports after the war, passed the Fordney-McCumber Tariff Act. It was a protectionist tariff which raised taxes on agricultural and foreign made goods to protect U.S farmers and business. In 1930 working with President Herbert Hoover, Congress passed the Smoot-Hawley Tariff. This draconian legislation placed a duty as high as fifty percent on some goods coming into the country. A thousand economists signed a petition urging that congress not pass  Smoott-Hawley. It passed anyway and the results were predicable.

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