1930: The Smoot-Hawley Tariff Act
The June 17 law raises U.S. tariffs on more than 20,000 imported goods to record levels with the aim of addressing the effects of the economic downturn of the previous year. In response, foreign governments announce boycotts of U.S. goods or raise their own tariffs. The escalating protectionism in the United States and Europe would reduce international trade dramatically and slow the world economy. (Library of Congress)