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History Daily

The Smoot-Hawley Tariff Act

History Daily

Airship | Noiser | Wondery

History

4.42.1K Ratings

🗓️ 17 June 2025

⏱️ 22 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.


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Transcript

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0:00.0

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0:04.1

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0:06.0

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0:10.6

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0:28.8

Okay. It's the morning of October 29, 1929, on Wall Street in Lower Manhattan.

0:31.6

Reporter Jonathan Leonard makes his way along the crowded sidewalks outside the New York Stock Exchange.

0:37.1

He's been covering

0:37.8

the stock market long enough to see its mood swing from exuberance to anxiety, but he's

0:42.4

rarely witnessed anything like what he saw yesterday. On October 28th, the stock market took a dive,

0:49.0

with panic selling dominating the trading floor. Over 9 million shares changed hands as major stocks plunged in value.

0:56.9

Now Jonathan wants to see if the crisis is passing or getting worse. Clutching his notebook,

1:02.9

Jonathan pushes open the doors to the exchange, and immediately a wall of sound hits it.

1:08.3

Traders yelling, papers flying, and the endless metallic jangle of the stock picker machines.

1:13.6

On the floor, men shoved their way through the crowd desperate to reach the trading posts.

1:18.6

Some are red-faced with anger, others are white with fear.

1:22.6

One man has just slumped on the ground in despair.

1:25.6

Jonathan approaches the traders with questions, but none of them give him a second look.

1:30.3

None have the time.

1:31.3

The numbers are collapsing faster than anyone can comprehend.

1:35.3

Messenger boys race past with fistfuls of paper.

1:38.3

There are no buyers, just crowds of desperate men pressing forward, shouting, pleading to sell anything at any price.

1:47.2

This is not just another bad day.

...

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