Effective rates of protection and the Fordney–McCumber and Smoot–Hawley Tariff Acts

Abstract

This study presents the first calcualtions of effective rates of protection for 1920, 1923 and the first and second half of 1930 for the United States economy disaggregated to 39 sectors. The calculated changes in the effective on the United States economy of the Emergency and Fordney–McCumber tariff acts of 1921 and 1922 and of the Smooth–Hawley Tariff Act of 1930. The results suggest that the Emergency and Fordney–McCumber tariff acts resulted in a much larger increase in the level of protection given to American industry than the Smoot-Hawley Tariff Act. Further, the results indicate that Smoot-Hawley had a small effect on the level of protection.

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