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Describe the Three Categories of Tariffs,and Explain How the Smoot-Hawley

question 77

Essay

Describe the three categories of tariffs,and explain how the Smoot-Hawley Act of 1930 influenced tariffs in the United States.


Definitions:

Capital Account

A national account that shows the net change in asset ownership for a nation, reflecting movements of financial capital and tangible capital into and out of the country.

Current Account

A component of a country's balance of payments that measures the trade of goods and services, along with earnings on foreign investments minus payments made to foreign investors.

International Monetary Reserves

Assets held by a country's central bank to back its national currency and provide financial and economic stability.

Remittances

Payments by immigrants to family members and others located in the immigrants’ home countries.

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