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The Tariff of 1842 returned the tariff to the level of 1832, with duties averaging between 23% and 35%. The Walker Tariff of 1846 essentially focused on revenue and reversed the trend of substituting specific for ad valorem duties. The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free ...
The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. [ 1 ] [ 2 ] The US Congress displayed a pro-business attitude in passing the tariff and in promoting foreign trade by providing huge loans to Europe.
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 ...
After 1890, the tariff on wool did affect an important industry, but otherwise the tariffs were designed to keep American wages high. The conservative Republican tradition, typified by William McKinley was a high tariff, while the Democrats typically called for a lower tariff to help consumers but they always failed until 1913. [39] [40]
The tariff represented a complex balance of forces. Railroads, for example, consumed vast quantities of steel. To the extent tariffs raised steel prices, they paid much more, making possible the U.S steel industry's massive investment to expand capacity and switch to the Bessemer process and later to the open hearth furnace. Between 1867 and ...
While Roosevelt had largely avoided the tariff issue, Taft became the first Republican president to actively seek to lower tariff rates. [ 39 ] Representative Sereno E. Payne , chairman of the House Ways and Means Committee and an ally of conservative Speaker of the House Joseph Gurney Cannon , took charge of drafting tariff legislation.
The Peelites were characterised by commitment to free trade and a managerial, almost technocratic, approach to government. Though they sought to maintain the principles of the Conservative Party, Peelites disagreed with the major wing of that party (the landed interest) on issues of trade, in particular the issue of whether agricultural prices should be artificially kept high by tariffs.
Republicans generally favored a high tariff to protect American industries. [132] American tariffs had been high since the Civil War, and by the 1880s the tariff brought in so much revenue that the government was running a surplus. [133] In 1886, a bill to reduce the tariff was narrowly defeated in the House.