In May 1930 , Canada , the country 's most loyal trading partner , retaliated by imposing new tariffs on 16 products that accounted altogether for around 30 % of U.S. exports to Canada . Canada later also forged closer economic links with the British Empire via the British Empire Economic Conference of 1932 . France and Britain protested and developed new trade partners . Germany developed a system of trade via clearing
British Empire Economic Conference
British Empire Economic Conference
Smoot–Hawley Tariff Act