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You are correct- https://www.investopedia.com/terms/s/smoot-hawley-tariff-act.asp
Also-
Economics Teacher: In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the... Anyone? Anyone?... the Great Depression, passed the... Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered?... raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. "Voodoo" economics.
I'm still waiting for the money to trickle down.
You got the wrong idea. The money doesn't trickle down, just the piss.
Lol this was funny AND educational! Although reading it as comment instead of being stuck in that actual class probably helped.
Thank you… I couldn’t remember the name …