(MC)The timeline below shows changes in U. S. tariff policy between 1920 and 1930: • May 1921 - Emergency Tariff increases import taxes on agricultural products
• September 1922- Fordney-McCumber Tariff raises tariffs on farm and manufactured goods
• June 1930- Smoot-Hawley Tariff increases tariff levels to record high level
What conclusion can be drawn from this timeline?
The American economy was almost entirely self-sufficient throughout the 1920s.
During the 1920s, Congress supported domestic producers with a protective trade policy.
During the 1920s, the United States shifted from an export-based economy to an import-based economy.
Crop prices and corporate profits increased steadily during the 1920s as a result of government policy.