Political Quotes

“I am here too to focus on some history and a resolution. Today is the 95th anniversary of one of the worst economic policies our country ever made: the Smoot-Hawley tariffs. Don't just take my word for it. The Senate Historical Office has characterized it as ``among the most catastrophic acts in congressional history.'' So today I am introducing a resolution that commemorates this anniversary as a moment to reflect on the devastating impact and the consequences. It shows you what we can learn from history, and at its peak, the Smoot-Hawley Tariff Act placed an average rate of 20 percent tariffs on goods imported into the United States--just 20 percent. So we have had this big discussion about many other things, definitely well above 20 percent. The goal then was to bolster U.S. farmers and manufacturers by protecting them from foreign competition. But that goal, as we all know, if you study history, was not met. What it did instead was widen and deepen the Great Depression. My resolution recounts our major trading partners, including Canada and countries in Europe, responded to those tariffs placed on by the United States by raising tariffs on the United States' exported goods. So yes, let's say a trade war. And anti-United States sentiment rapidly intensified in foreign countries, leading to a consumer boycott of American products in Canada, France, Spain, Italy, and many other countries.”