Reed Smoot and Willis Hawley are two deceased members of Congress the world loves to hate. Their principal legislative achievement, the Smoot-Hawley Tariff of 1930, continues to evoke such disapproving adjectives as “infamous” and “notorious.” To most Americans, that act, which incidentally remains the fundamental tariff law of the U.S., conjures up images of rising tariff barriers, beggar-thy-neighbor nationalism, and ruinous trade wars.