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In Hawaii, the government became concerned that the subsequent United States Tariff Act of March 3, 1883, which lowered sugar tariffs imposed on product imported from all nations, had left them at a disadvantage. Article IV of the reciprocity treaty prevented Hawaii from making reciprocity treaties with other nations.
In 1890, the United States enacted the McKinley Tariff; the new law sharply raised the country's import tariffs, ending the Hawaiian sugar industry's dominance in the North American market and depressing prices, pushing Hawaii into turmoil. [2] [3]
U.S. tariffs on sugar meant a heavy drop in Hawaiian exports. The 20% to 42% tariffs between 1850 and 1870 meant the profit margin for sugar was greatly decreased for sugarcane plantations. However, the 1876 reciprocity treaty between the United States and Hawaii led to free-duty trade between the two.
Williams Sonoma CEO Laura Alber"In the first Trump administration, we saw the first wave of tariffs, and we reduced our China exposure by 50%." The home goods and furnishing retailer now relies on ...
The treaty's most immediate result was an increase in new United States plantation owners. San Francisco sugar refiner Claus Spreckels became a prime investor in Hawaii's sugar industry. [101] Over the term of Kalākaua's reign, the treaty had a major effect on the kingdom's income. In 1874, Hawaii exported $1,839,620.27 in products.
Donald Trump has proposed tariffs of 60% on Chinese imports and 10% to 20% on goods imported from all other nations. A new study found the states that would be hardest hit are Republican strongholds.
Ross served as the 39th US Commerce Secretary from 2017 to 2021 and is the author of the new book "Risks and Returns, Creating Success in Business and Life."The Trump administration slapped 25% ...
The industry was tightly controlled by descendants of missionary families and other businessmen, concentrated in corporations known in Hawaiʻi as the "Big Five". [2] These included Castle & Cooke, Alexander & Baldwin, C. Brewer & Co., H. Hackfeld & Co. (later named American Factors (now Amfac)) and Theo H. Davies & Co., [11] which together eventually gained control over other aspects of the ...