,,iii  #aai? ,,congress  #a/ ,session   
,s4 ,,res4 #bha  ,,9 ,,! ,,s5ate ,,( ,,!
 ,,unit$ ,,/ates  ,june #ag1 #bjbe,ms4  
,cantwell 7= h]self1 ,mrs4 ,%ahe51 &    
,mr4 ,wel*7 submitt$ ! foll[+           
resolution2 :i* 0 ref]r$ to ! ,committee
 on ,f9ance  ,,resolution  ,commemorat+ 
! #ie? anniv]s>y ( ! enactm5t ( ! ,t>iff
 ,act ( #aicj4  ,:]eas1 on ,june #ag1   
#aicj1 ,presid5t ,hoov] sign$ into law !
 ,t>iff ,act ( #aicj 7commonly kn[n z ! 
,smoot-,hawley ,t>iff ,act ( #aicj72    
,:]eas ! ,smoot-,hawley ,t>iff ,act (   
#aicj rais$ t>iffs on goods import$ into
 ! ,unit$ ,/ates 9 an attempt to protect
 f>m]s & manufactur]s 9 ! ,unit$ ,/ates 
f =eign competition2 ,:]eas ! ,s5ate    
,hi/orical ,(fice has *>act]iz$ !       
passage ( ! ,smoot-,hawley ,t>iff ,act (
 #aicj z among ! mo/ cata/rophic acts 9 
congressional hi/ory2 ,:]eas ! sudd5 &  
/eep increase 9 t>iffs enc\rag$         
retaliation by =eign c\ntries1 includ+  
major trad+ p>tn]s su* z ,canada &      
c\ntries 9 ,europe1 :i* respond$ by     

rais+ _! own t>iffs on goods import$ f !
 ,unit$ ,/ates1 trigg]+ a dramatic      
r$uction 9 int]national trade2 ,:]eas ! 
result+ retaliatory t>iffs contribut$ to
 a sub/antial decl9e 9 f>m & manufactur+
 exports f ! ,unit$ ,/ates1 :i* plummet$
 f #e1bdj1jjj1jjj 9 #aibi to            
#a1fgj1jjj1jjj 9 #aicc1 a #fh p]c5t     
drop1 accord+ to records kept by !      
,bureau ( ! ,c5sus2 ,:]eas ! t>iffs     
contribut$ to anti-,unit$ ,/ates s5tim5t
 9 =eign c\ntries1 lead+ to consum]     
boycotts 9 ,canada1 ,france1 ,spa91     
,italy1 & o!r c\ntries2 ,:]eas ! effects
 ( ! t>iffs & c\nt]-t>iffs contribut$ to
 ! ,great ,depression1 dur+ :i* global  
trade decreas$ by z mu* z #fj p]c5t2    
,:]eas ! effects ( ! t>iffs 7 amplifi$  
by deflation1 caus+ ! gross dome/ic     
product ( ! ,unit$ ,/ates to fall f     
#ajd1fjj1jjj1jjj 9 #aibi to             
#eg1jjj1jjj1jjj 9 #aicc1 accord+ to !   
,bureau ( ,economic ,analysis2 ,:]eas ! 
unemploym5t rate spik$ f #c4b p]c5t 9   
#aibi to a peak ( approximately #bc     

p]c5t 9 #aicb1 be=e decreas+ slightly to
 #ba p]c5t 9 #aicc1 accord+ to ! ,j\rnal
 ( ,economic ,p]spectives ( ! ,am]ican  
,economic ,association2 ,:]eas1 aft] !  
t>iffs 7 impos$1 ! trade surplus ( !    
,unit$ ,/ates decl9$ because exports    
fell m ?an imports2 ,:]eas1 9 #aicd     
,congress direct$ ! ,presid5t to r$uce  
t>iff rates appli$ by ! ,unit$ ,/ates & 
to seek r$uctions 9 t>iffs appli$ to    
exports f ! ,unit$ ,/ates ?r\gh ! ,act  
entitl$ ,an ,act to am5d ! ,t>iff ,act (
 #aicj1 enact$ ,june #ab1 #aicd 7#gc    
,/at4 #idc1 *apt] #dgd7 7commonly kn[n z
 ! ,reciprocal ,t>iff ,act71 & lat]     
,acts t provid$ ! ,presid5t ) trade     
negotiat+ objectives & t>iff            
proclamation au?ority2 ,:]eas t>iffs 7  
decreas$ 9 ! ,unit$ ,/ates & abroad1    
fall+ 9 ! ,unit$ ,/ates f a             
trade-weight$ av]age ( #ai4h p]c5t 9    
#aicc to #f4i p]c5t by #aiej1 & cont9u+ 
to fall aft]w>ds z a result (           
multilat]al trade agreem5ts2 & ,:]eas ! 
,unit$ ,/ates has s9ce b5efitt$         

sub/antially f an op5 & rules-bas$      
int]national trad+ sy/em t promotes     
innovation & gr[?1 l[]s input co/s =    
goods manufactur$ 9 ! ,unit$ ,/ates1    
r$uces consum] prices1 supports supply  
*a9 resili5cy1 & enables ! ,unit$ ,/ates
 to ma9ta9 an export m>ket valu$ at m   
?an #c1jjj1jjj1jjj1jjj2 ,n[1 !re=e1 be x
 ,t ! ,s5ate-- 7#a7 obs]ves ! #ie?      
anniv]s>y ( ! enactm5t ( ! ,t>iff ,act (
 #aicj 7commonly kn[n z ! ,smoot-,hawley
 ,t>iff ,act ( #aicj7 z a mom5t (       
hi/orical reflection on ! consequ5ces ( 
protectioni/ economic policies2  7#b7   
views ! ,t>iff ,act ( #aicj z a         
significant contributor to ! ,great     
,depression2  7#c7 affirms ! importance 
( rules-bas$ trade policy t r$uces      
production co/s = f>m]s1 manufactur]s1 &
 con/ruction firms 9 ! ,unit$ ,/ates1   
/r5g!ns int]national economic           
coop]ation1 helps provide consum]s 9 !  
,unit$ ,/ates ) a l>g] v>iety ( af=dable
 goods1 & op5s up va/ =eign m>kets to   
exports f ! ,unit$ ,/ates2 &  7#d7      

commits to enc\rag+ trade & economic    
policies t enc\rage economic gr[? &     
avoid ! repetition ( hi/oric policy     
mi/akes4