to not sign the bill. hoover signed the bill. u.s. imports plunged by 66%. but the legislation triggered a trade war with other countries which slapped their own tariffs on u.s. goods. america s exports fell by 6 1% as a result. global trade fell by a shocking 26%. these drops b the w fuelled in part by the market c, but they were exacerbated by the smoot-hawley tariff act and continued protectionism that followed for years. that s why an impending trade war could be as dramatic as the one seen 90 years ago. u.s. exports of goods and services account now roughly for 13% of your gdp. back in 1929 it was just 5%. president trump s new world order how two powerful american adversaries that were not at the summit with north korea would be the nations that benefit most from the meeting. here s our cartoon of the day.