Great Depression in the United States
The Great Depression began in August 1929, when the United States economy first went into an economic recession. Although the country spent two months with declining GDP, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future.
Joseph Stiglitz
Contrary to most economists historians, who argue that tariffs have played only a minor role or not at all in the Great Depression, Stiglitz thinks that the United States should not protect its economy because tariffs contributed to the Great Depression: "Following that, U.S. exports fell by some 50 percent—contributing to our Great Depression".