Which outcomes resulted from the passage of the Hawley-Smoot Tariff Act? Check all that apply.

Question

Countries around the world increased their tariffs in response.
Trade gradually increased as taxes on imports fell.
Domestic industries initially benefited from new tariffs.
Imports and exports exchanged between the United States and Britain fell by nearly 66%.
Countries such as Germany and Austria were able to control their economic downturn.

Answer 1

The outcomes that resulted from the passage of the Hawley-Smoot Tariff Act include:

1. Countries around the world increased their tariffs in response. - Yes, the Act led to retaliatory tariffs from other countries, contributing to a decline in international trade.

2. Domestic industries initially benefited from new tariffs. - Yes, some domestic industries saw a temporary advantage due to reduced foreign competition due to the tariffs.

3. Imports and exports exchanged between the United States and Britain fell by nearly 66%. - Yes, the imposition of high tariffs significantly decreased trade volumes between the U.S. and other countries, including Britain.

4. Trade gradually increased as taxes on imports fell. - No, this is not accurate in the immediate aftermath of the tariff; trade generally decreased as tariffs remained high.

5. Countries such as Germany and Austria were able to control their economic downturn. - No, this is not correct; many countries, including Germany and Austria, faced worsening economic conditions as a result of the tariffs and the global economic downturn.

In summary, the first three outcomes listed are correct.