June 1930 · Diasporamonth known
A thousand economists ask Hoover to veto the tariff and he signs it
›Read the full entryClose
The Fordney McCumber Act of 1922 had already set American import duties at prohibitive levels, and both parties promised more in 1928. Hoover wanted higher duties on farm imports and a tariff commission with power to adjust rates by half, which he thought would take the tariff out of congressional bargaining. What Congress produced was the Hawley Smoot Tariff of 1930, raising duties to the highest levels in American history. One thousand economists signed a petition asking for a veto. Thomas Lamont of J. P. Morgan said he had almost gone down on his knees to beg the president to reject it, and that the act sharpened nationalism everywhere. Hoover signed it in June 1930. Walter Lippmann wrote that the president had surrendered everything and got nothing. For countries that lived by selling coffee, sugar and other commodities into the American market, the door had just narrowed.