*The Smoot-Hawley Act was created to protect U.S. farmers and other industries from foreign competitors.
*The Smoot-Hawley Act increased tariffs on foreign imports to the U.S. by about 20%; at least 25 countries responded by increasing their own tariffs on American goods.
*Global trade plummeted, contributing to the ill effects of the Great Depression.
*Prior to signing the Act, more than 1,000 economists urged President Hoover to veto it.
*Hoover's successor, President Franklin D. Roosevelt worked to reduce tariffs and was given more authority to negotiate with heads of state under the Reciprocal Trade Agreements Act of 1934.
