The Smoot-Hawley Tariff Act
History Daily
History Daily
4.4 • 2.5K Ratings
🗓️ 17 June 2026
⏱️ 16 minutes
🧾️ Download transcript
Summary
June 17, 1930. The Smoot-Hawley Tariff Act takes effect in the US, raising most tariffs by 20% and damaging the world’s already suffering economy. This episode originally aired in 2025.
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Transcript
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| 0:00.0 | It's the morning of October 29, 1929, on Wall Street in Lower Manhattan. |
| 0:15.0 | Reporter Jonathan Leonard makes his way along the crowded sidewalks outside the New York Stock Exchange. |
| 0:20.0 | He's been covering |
| 0:21.3 | the stock market long enough to see its mood swing from exuberance to anxiety, but he's rarely |
| 0:26.3 | witnessed anything like what he saw yesterday. On October 28th, the stock market took a dive, |
| 0:32.4 | with panic selling dominating the trading floor. Over 9 million shares changed hands as major stocks plunged |
| 0:39.4 | in value. Now Jonathan wants to see if the crisis is passing or getting worse. Clutching his |
| 0:45.9 | notebook, Jonathan pushes open the doors to the exchange, and immediately a wall of sound hits it. |
| 0:51.8 | Traders yelling, papers flying, and the endless metallic jangle of the stock picker machines. |
| 0:57.0 | On the floor, men shoved their way through the crowd desperate to reach the trading posts. |
| 1:02.0 | Some are red-faced with anger, others are white with fear. |
| 1:06.0 | One man is just slumped on the ground in despair. |
| 1:09.0 | Jonathan approaches the traders with questions, but none of them give him the second look. |
| 1:14.0 | None have the time. |
| 1:15.6 | The numbers are collapsing faster than anyone can comprehend. |
| 1:19.6 | Messenger boys race past with fistfuls of paper. |
| 1:22.3 | There are no buyers, just crowds of desperate men pressing forward, shouting, pleading to sell anything at any price. |
| 1:30.6 | This is not just another bad day. |
| 1:33.1 | This is something else entirely. |
| 1:35.1 | This is a collapse. |
| 1:40.1 | Over the course of the day, over 16 million shares will be sold and around $14 billion in market value will be lost. |
| 1:49.0 | This crash will come to be known as Black Tuesday and will shatter public confidence in the U.S. economy and mark the beginning of the Great Depression. |
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