US SR281

Commemorates the 95th anniversary of the Smoot-Hawley Tariff Act of 1930, signed by President Hoover on June 17, 1930, which raised tariffs on imported goods to protect U.S. farmers and manufacturers

Cites historical economic consequences: U.S. exports fell 68% from $5.24 billion (1929) to $1.67 billion (1933), GDP dropped from $104.6 billion to $57 billion, and unemployment rose from 3.2% to approximately 23%

Notes the Senate Historical Office characterized the act as "among the most catastrophic acts in congressional history," contributing to retaliatory tariffs, consumer boycotts abroad, and the Great Depression

Affirms the importance of rules-based trade policy that reduces production costs, strengthens international cooperation, provides affordable goods to consumers, and supports U.S. exports now valued at over $3 trillion

Commits to encouraging trade policies that promote economic growth and avoid repeating historic protectionist policy mistakes