United States Tariff History: Difference between revisions
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{{HawleySmoot}} | {{HawleySmoot}} | ||
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'''1800's''' | '''1800's''' | ||
During the turn of the century, agriculture dominated the US economy. The US experienced low rates on imported goods | During the turn of the century, agriculture dominated the US economy. The US experienced low rates on imported goods yet high custom duties. | ||
'''War of 1812''' | '''War of 1812''' | ||
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*These goods were sold cheaply in the United States, which hurt the US markets even more, especially New England-based industries | *These goods were sold cheaply in the United States, which hurt the US markets even more, especially New England-based industries | ||
*In response, the US government decided to place a hefty tariff on imported goods to protect US markets | *In response, the US government decided to place a hefty tariff on imported goods to protect US markets | ||
*The average tax rate from the tariff was 20 % | *The average tax rate from the tariff was 20 % [[HSref|(1)]] | ||
*The Tariff of 1816 set a precedent for future tariffs | *The Tariff of 1816 set a precedent for future tariffs | ||
*Concept and debate over "protectionism" arises | |||
'''What About the South?''' | '''What About the South?''' | ||
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*Their economy depended on exporting cotton to nations such as Great Britain | *Their economy depended on exporting cotton to nations such as Great Britain | ||
*Increasing average tax rates on tariffs led to less cotton exports | *Increasing average tax rates on tariffs led to less cotton exports | ||
*1824, tariff rates increase on average to 30 % which discourages US imports/exports | *1824, tariff rates increase on average to 30 % which discourages US imports/exports [[HSref|(2)]] | ||
'''The Tariff of 1832''' | '''The Tariff of 1832''' | ||
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*The Tariff of 1857 was Pro-south, reflected a downward tariff reform | *The Tariff of 1857 was Pro-south, reflected a downward tariff reform | ||
*The fed believes that encouraging imports & exports can jump-start our economy | *The fed believes that encouraging imports & exports can jump-start our economy | ||
*Average tariff rates fall from 30 % to 20 % | *Average tariff rates fall from 30 % to 20 % [[HSref|(3)]] | ||
*Robert Walker, Mississippi(D) played a big role in the tariff | *Robert Walker, Mississippi(D) played a big role in the tariff | ||
*Friendly trade relations between the US and Great Britain were renewed | *Friendly trade relations between the US and Great Britain were renewed | ||
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'''Tariffs during the Civil War''' | '''Tariffs during the Civil War''' | ||
* | *1861, Justin Morrill introduced the Morrill Tariff | ||
*takes a heavy pro-north perspective | *takes a heavy pro-north perspective | ||
*average tariff rate reaches as high as 47 percent | *average tariff rate reaches as high as 47 percent | ||
*Due to unjustifiable misrepresentation, seven southern states secede from the union | *Due to unjustifiable misrepresentation, seven southern states secede from the union | ||
*believed that the northern states consumed the bulk of revenue generated from tariffs | *believed that the northern states consumed the bulk of revenue generated from tariffs | ||
'''Reconstruction Era''' | |||
*Grant Administration, sharp decline in average tariff rates (10 %) [[HSref|(4)]] | |||
*1890, Republican senator William McKinley introduces a tariff with an average rate of 48 %! [[HSref|(5)]] | |||
*Tariff rates continued to fluctuate into the turn of the century | |||
*The conflict of protectionism continues | |||
'''Pre-World War I Era''' | |||
*Fluctuations of tariff rates continue with following tariffs | |||
*1897, Dingley Tariff. McKinley administration, pro-protectionism, rates raise to 57 % [[HSref|(6)]] | |||
*1909, Payne-Aldrich Tariff. Taft administration, anti-protectionism, rates drop | |||
*1913, Underwood-Simmons Tariff. Wilson administration, anti-protectionism, rates drop | |||
*Anti-protectionists criticize heavy average tariff rates by saying they contibuted to World War I | |||
*Higher tariff rates lead to poor & conflicting international relations | |||
<center>[[Image:E1f.JPG|thumb|Description]]</center> | |||
<center>''Source: Fratantuono, Michael. 'The Hawley Smoot Tariff Act of 1930' Exhibit 1''</center> | |||
<center>[[Image:E2f.JPG|thumb|Description]]</center> | |||
<center>''Source: Fratantuono, Michael. 'The Hawley Smoot Tariff Act of 1930' Exhibit 1''</center> | |||
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{{HawleySmoot}} | |||
Latest revision as of 16:46, 27 April 2006
1800's
During the turn of the century, agriculture dominated the US economy. The US experienced low rates on imported goods yet high custom duties.
War of 1812
- The war caused poor relations between the United States, Great Britain and France
- In response, the US federal government implemented a stuff excise tax to compensate for debt
Tariff of 1816 The Madison Administration
- The US experienced a sole dependence on struggling internalized markets
- Great Britain dumped cheap goods which were smuggled from New England factories during the war
- These goods were sold cheaply in the United States, which hurt the US markets even more, especially New England-based industries
- In response, the US government decided to place a hefty tariff on imported goods to protect US markets
- The average tax rate from the tariff was 20 % (1)
- The Tariff of 1816 set a precedent for future tariffs
- Concept and debate over "protectionism" arises
What About the South?
- The south opposed the Tariff of 1816
- Their economy depended on exporting cotton to nations such as Great Britain
- Increasing average tax rates on tariffs led to less cotton exports
- 1824, tariff rates increase on average to 30 % which discourages US imports/exports (2)
The Tariff of 1832
- Tariff rates continued to increase against the south's displeasure
- Southern states such as South Carolina nullify the tariffs and threaten to secede from the union
- Tension in Charleston, Andrew Jackson
Tariff of 1857 & Panic of 1857
- The Tariff of 1857 was a response to the Panic of 1857
- Factors leading to the Panic of 1857
*Britain's decision to remove funds from American banks
*Astronomical build-up of manufacturing goods in US factories, lay-offs
*Unsuccessful attempts to building the transcontinental railroad system
- The Tariff of 1857 was Pro-south, reflected a downward tariff reform
- The fed believes that encouraging imports & exports can jump-start our economy
- Average tariff rates fall from 30 % to 20 % (3)
- Robert Walker, Mississippi(D) played a big role in the tariff
- Friendly trade relations between the US and Great Britain were renewed
- As a result, more revenue is generated for the treasury
Tariffs during the Civil War
- 1861, Justin Morrill introduced the Morrill Tariff
- takes a heavy pro-north perspective
- average tariff rate reaches as high as 47 percent
- Due to unjustifiable misrepresentation, seven southern states secede from the union
- believed that the northern states consumed the bulk of revenue generated from tariffs
Reconstruction Era
- Grant Administration, sharp decline in average tariff rates (10 %) (4)
- 1890, Republican senator William McKinley introduces a tariff with an average rate of 48 %! (5)
- Tariff rates continued to fluctuate into the turn of the century
- The conflict of protectionism continues
Pre-World War I Era
- Fluctuations of tariff rates continue with following tariffs
*1897, Dingley Tariff. McKinley administration, pro-protectionism, rates raise to 57 % (6) *1909, Payne-Aldrich Tariff. Taft administration, anti-protectionism, rates drop *1913, Underwood-Simmons Tariff. Wilson administration, anti-protectionism, rates drop
- Anti-protectionists criticize heavy average tariff rates by saying they contibuted to World War I
- Higher tariff rates lead to poor & conflicting international relations
