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Warren Harding's administration made three major economic blunders that ultimately contributed to the Great Depression. The first was the Fordney-McCumber Tariff Act, which raised import taxes on foreign goods to protect American industries. This resulted in a decrease in international trade and caused foreign countries to retaliate with their own tariffs, further reducing American exports. The second blunder was the Mellon Tax Bill, which cut taxes for the wealthy in the hopes of stimulating economic growth. However, this primarily benefited the wealthy and did little to boost consumer spending. Finally, the Federal Reserve's monetary policy under Harding contributed to an increase in the money supply, leading to inflation and the devaluation of the dollar. These policies combined with other factors, such as overproduction and uneven distribution of wealth, to set the wheels of the Great Depression in motion.