American tariff policy in the 1920s raised tariffs significantly in order to protect domestic industries from foreign competition as Europe worked to repay war debts. However, the high tariffs made it difficult for European nations to export goods and earn money to repay debts. As reparation payments became due and exports declined due to American tariffs, Germany faced high inflation. The Dawes Plan rescheduled Germany's repayments, but when the stock market crashed in 1929, the Smoot-Hawley Tariff further restricted trade and exacerbated the Great Depression.