$3 Party, page-3744

Here's a fun little read about the 1930 Tariff Act, introduced by Senators Smooth and Hawley and what happened. This seems eerily similar to now:

Most of the decline in trade was due to a plunge in GDP in the U.S. and worldwide. However, beyond that was an additional decline. Some countries protested and others also retaliated with trade restrictions and tariffs. American exports to the protesters fell 18% and exports to those who retaliated fell 31%. Threats of retaliation by other countries began long before the bill was enacted into law in June 1930. As the House of Representatives passed it in May 1929, boycotts broke out, and foreign governments moved to increase rates against American products, although rates could be increased or decreased by the Senate or by the conference committee. By September 1929, Hoover's administration had received protest notes from 23 trading partners, but the threats of retaliatory actions were ignored.

In May 1930, Canada, the most loyal trading partner for the U.S., retaliated by imposing new tariffs on 16 products that accounted altogether for approximately 30% of U.S. exports to Canada. Later, Canada also forged closer economic links with the British Empire via the British Empire Economic Conference of 1932. France and Britain protested and developed new trade partners. Germany developed a system of trade via clearing.

The depression worsened for workers and farmers despite Smoot and Hawley's promises of prosperity from high tariffs; consequently, Hawley lost re-nomination, while Smoot was one of 12 Republican Senators who lost their seats in the 1932 elections, with the swing being the largest in Senate history (being equaled in 1958 and 1980).Nations other than Canada that enacted retaliatory tariffs included Cuba, Mexico, France, Italy, Spain, Argentina, Australia, New Zealand, and Switzerland.