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The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress, framed by then Representative William McKinley, that became law on October 1, 1890. [1] The tariff raised the average duty on imports to almost 50%, an increase designed to protect domestic industries and workers from foreign competition, as ...
The "McKinley Tariff of 1890" was even named after him. Now, Trump wants to return America to McKinley's era, with tariffs at the center of government policy and the US budget.
Donald Trump, getting history and economics very wrong. Indeed, he seems to know one thing about the 1890s in America: That it was a period of high tariffs.
Democrats campaigned energetically against the high McKinley Tariff of 1890, and scored sweeping gains that year; they restored Cleveland to the White House in 1892. The severe depression that started in 1893 ripped apart the Democratic party. Cleveland and the pro-business Bourbon Democrats insisted on a much lower tariff. His problem was that ...
President Grover Cleveland summoned an emergency session of Congress on August 7, 1893, for the repeal of the act to prevent the further depletion of the government's gold reserves. [8] In 1890, the price of silver dipped to $1.16 per ounce. By the end of the year, it had fallen to $0.69. By December 1894, the price had dropped to $0.60.
Tariff fights can backfire, because the government can't easily shape the preferences of American consumers.
Coffee prices hit a new high Monday, the day after President Donald Trump threatened — and then reversed course on — a 25% tariff on Colombia during a spat about deportation flights from the US.
Rafael Núñez Moledo, the first president, was actually inaugurated in 1884 as the 14th and last president of the United States of Colombia for a two-year constitutional term; in this capacity he was appointed by the National Constituent Assembly of 1885 to serve a new six-year term while the assembly drafted, passed, signed, and implemented a ...