Between agreement and adoption of the plan came the Wall Street Crash of October 1929, of which the main consequences were twofold. The American banking system had to recall money from Europe, and cancel the credits that made the Young Plan possible. Moreover, the downfall of imports and exports affected the rest of the world. By 1933, almost two-thirds of world trade had vanished. A new trade policy was set with the Smoot–Hawley Tariff Act. The latter was influenced by nationalism and the adopted economic policy. Unemployment soared to 33.7% in 1931 in Germany, and 40% in 1932. Under such circumstances, U.S. President Herbert Hoover issued a public statement that proposed a one-year moratorium on the payments. He managed to assemble support for the moratorium from 15 nations by July 1931. But the adoption of the moratorium did little to slow economic decline in Europe. Germany was gripped by a major banking crisis. A final effort was made at the Lausanne Conference of 1932. Here, representatives from Great Britain, France, Italy, Belgium, Germany and Japan gathered to come to an agreement. By that time it was clear that the deepening depression had made it impossible for Germany to resume its reparations payments. They agreed: