This resolution commemorates the 95th anniversary of the enactment of the Tariff Act of 1930 , also known as the Smoot-Hawley Tariff Act. It serves as a moment of historical reflection on the severe consequences of protectionist economic policies. The Act, signed by President Hoover, aimed to protect U.S. farmers and manufacturers by raising tariffs on imported goods, but it instead triggered widespread international retaliation. The resolution highlights that foreign countries responded by imposing their own tariffs on U.S. exports, leading to a dramatic reduction in global trade and a substantial decline in U.S. farm and manufacturing exports. These retaliatory measures and the resulting trade war significantly contributed to the Great Depression , causing a sharp drop in U.S. gross domestic product and a spike in unemployment. Congress later reversed course with the Reciprocal Tariff Act of 1934, which began reducing tariffs and fostering multilateral trade agreements. Ultimately, the Senate views the Tariff Act of 1930 as a significant contributor to the Great Depression and affirms the importance of a rules-based trade policy . Such policies are crucial for reducing production costs, strengthening international economic cooperation, providing affordable goods to consumers, and opening foreign markets for U.S. exports. The resolution commits to encouraging trade and economic policies that promote growth and prevent the repetition of historic policy mistakes.