,,iii  #aaith ,,congress  #ast ,session 
,s4 ,,res4 #bha  ,,in ,,the ,,senate    
,,of ,,the ,,united ,,states  ,june #ag1
 #bjbe,ms4 ,cantwell 7for herself1 ,mrs4
 ,shaheen1 and ,mr4 ,welch7 submitted   
the following resolution2 which was     
referred to the ,committee on ,finance  
,,resolution  ,commemorating the #ieth  
anniversary of the enactment of the     
,tariff ,act of #aicj4  ,whereas1 on    
,june #ag1 #aicj1 ,president ,hoover    
signed into law the ,tariff ,act of     
#aicj 7commonly known as the            
,smoot-,hawley ,tariff ,act of #aicj72  
,whereas the ,smoot-,hawley ,tariff ,act
 of #aicj raised tariffs on goods       
imported into the ,united ,states in an 
attempt to protect farmers and          
manufacturers in the ,united ,states    
from foreign competition2 ,whereas the  
,senate ,historical ,office has         
characterized the passage of the        
,smoot-,hawley ,tariff ,act of #aicj as 
among the most catastrophic acts in     
congressional history2 ,whereas the     

sudden and steep increase in tariffs    
encouraged retaliation by foreign       
countries1 including major trading      
partners such as ,canada and countries  
in ,europe1 which responded by raising  
their own tariffs on goods imported from
 the ,united ,states1 triggering a      
dramatic reduction in international     
trade2 ,whereas the resulting           
retaliatory tariffs contributed to a    
substantial decline in farm and         
manufacturing exports from the ,united  
,states1 which plummeted from           
#e1bdj1jjj1jjj in #aibi to              
#a1fgj1jjj1jjj in #aicc1 a #fh percent  
drop1 according to records kept by the  
,bureau of the ,census2 ,whereas the    
tariffs contributed to anti-,united     
,states sentiment in foreign countries1 
leading to consumer boycotts in ,canada1
 ,france1 ,spain1 ,italy1 and other     
countries2 ,whereas the effects of the  
tariffs and counter-tariffs contributed 
to the ,great ,depression1 during which 
global trade decreased by as much as #fj

 percent2 ,whereas the effects of the   
tariffs were amplified by deflation1    
causing the gross domestic product of   
the ,united ,states to fall from        
#ajd1fjj1jjj1jjj in #aibi to            
#eg1jjj1jjj1jjj in #aicc1 according to  
the ,bureau of ,economic ,analysis2     
,whereas the unemployment rate spiked   
from #c4b percent in #aibi to a peak of 
approximately #bc percent in #aicb1     
before decreasing slightly to #ba       
percent in #aicc1 according to the      
,journal of ,economic ,perspectives of  
the ,american ,economic ,association2   
,whereas1 after the tariffs were        
imposed1 the trade surplus of the       
,united ,states declined because exports
 fell more than imports2 ,whereas1 in   
#aicd ,congress directed the ,president 
to reduce tariff rates applied by the   
,united ,states and to seek reductions  
in tariffs applied to exports from the  
,united ,states through the ,act        
entitled ,an ,act to amend the ,tariff  
,act of #aicj1 enacted ,june #ab1 #aicd 

7#gc ,stat4 #idc1 chapter #dgd7         
7commonly known as the ,reciprocal      
,tariff ,act71 and later ,acts that     
provided the ,president with trade      
negotiating objectives and tariff       
proclamation authority2 ,whereas tariffs
 were decreased in the ,united ,states  
and abroad1 falling in the ,united      
,states from a trade-weighted average of
 #ai4h percent in #aicc to #f4i percent 
by #aiej1 and continuing to fall        
afterwards as a result of multilateral  
trade agreements2 and ,whereas the      
,united ,states has since benefitted    
substantially from an open and          
rules-based international trading system
 that promotes innovation and growth1   
lowers input costs for goods            
manufactured in the ,united ,states1    
reduces consumer prices1 supports supply
 chain resiliency1 and enables the      
,united ,states to maintain an export   
market valued at more than              
#c1jjj1jjj1jjj1jjj2 ,now1 therefore1 be 
it ,that the ,senate-- 7#a7 observes the

 #ieth anniversary of the enactment of  
the ,tariff ,act of #aicj 7commonly     
known as the ,smoot-,hawley ,tariff ,act
 of #aicj7 as a moment of historical    
reflection on the consequences of       
protectionist economic policies2  7#b7  
views the ,tariff ,act of #aicj as a    
significant contributor to the ,great   
,depression2  7#c7 affirms the          
importance of rules-based trade policy  
that reduces production costs for       
farmers1 manufacturers1 and construction
 firms in the ,united ,states1          
strengthens international economic      
cooperation1 helps provide consumers in 
the ,united ,states with a larger       
variety of affordable goods1 and opens  
up vast foreign markets to exports from 
the ,united ,states2 and  7#d7 commits  
to encouraging trade and economic       
policies that encourage economic growth 
and avoid the repetition of historic    
policy mistakes4