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Smoking from where? Under the hood, the pressure exceeded the rating of the radiator cap and the coolant was blown into the recovery tank. It may have fillled the tank and sprayed coolant on the engine making it smoke under the hood. You may have blown a radiator or heater hose, again if the smoke was coming from under the hood. If it was coming out of the tail pipe, you may possibly have blown a head gasket.
White smoke is water or coolant being burnt in the combustion process. It usually signifies a leaky head gasket or warped heads. A compression test will tell you for sure if this is the problem. This wouldn't affect your transmission, that would be something else. Hope this helps.