This is AI generated summarization, which may have errors. For context, always refer to the full article. The potential for increased consumer prices, strained international relations, and adverse effects on global trade and capital markets cannot be overlooked In the 1930s, the Smoot-Hawley Tariff Act plunged the global economy into a recession. Signed into law by then-US President Herbert Hoover on June 17, 1930, this single act drove affected countries to take counter punitive measures leading to a crumpled global trade which spun the world into a full-scale trade war. It also heightened the Great Depression which had started in…