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High tariffs were used to promise higher sales to business, higher wages to industrial workers, and higher demand for their crops to farmers. Democrats said it was a tax on the little man. After 1900 Progressive insurgents said it promoted monopoly. It had greatest support in the Northeast, and greatest opposition in the South and West.
High tariffs were a policy designed to encourage rapid industrialisation and protect the high American wage rates. [34] The policy from 1860 to 1933 was usually high protective tariffs (apart from 1913 to 1921). After 1890, the tariff on wool did affect an important industry, but otherwise the tariffs were designed to keep American wages high.
The import fees "represented a compromise between the advocates of a high protective tariff and those who favored a tariff for revenue only [to maintain the central government]." [ 4 ] Charges up to fifty percent were imposed on selected manufactured and agricultural goods, including "steel, ships, cordage, tobacco, salt, indigo [and] cloth."
After 450 amendments, the Tariff Act of 1890 was passed and increased average duties across all imports from 38% to 49.5%. [4] McKinley was known as the "Napoleon of Protection", [5] and rates were raised on some goods and lowered on others, always in an attempt to protect American manufacturing interests.
For instance, tariffs on imported washing machines may have created 1,800 new U.S. jobs at Whirlpool and other manufacturers, according to the centrist think tank.
Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I until it was surpassed by income taxes. Since the revenue from the tariff was considered essential and easy to collect at the major ports, it was agreed the nation should have a tariff for revenue purposes. [8] [9]
The proposed taxes are in addition to earlier campaign promises to impose a baseline 10% tariff on all U.S. imports and a 60% tariff on goods shipped from China, once he takes office.
Tariffs may also increase the core measure of the personal consumption expenditures price index, a widely used inflation gauge, to around 2.5% from 2.3% next year, according to Deutsche Bank ...