Tariff and Trade Legislation Flashcards
Tariff of 1789
(1789) Primarily for revenue; some protection for “infant industries”; Washington Administration
Tariff of 1816
(1816) First protective tariff; Clay and Calhoun supported as part of American System; Southern cotton growers opposed; Madison Administration)
Tariff of 1824
(1824) Further heightening of rates; growing opposition from South; (Monroe Administration)
Tariff of Abominations
(1828) Higher protective measures for New England mills; Southerners outraged, including Calhoun; (J.Q. Adams administration).
Tariff of 1832
(1832) Moderate reform returned rates to 1824 levels; unmoved South Carolina sparked Nullification Crisis; (Jackson administration).
Tariff of 1833
(1833) Clay compromise; gradual reduction of rates over time to 1816 levels; New England states opposed; (Jackson administration).
Tariff of 1842
(1842) Upward revision forced by depression following Panic of 1837; (Tyler administration).
Walker Tariff
(1846) Democrats controlled Congress; West supported tariff reduction in hope of selling grain abroad; move toward tariff for revenue only; (Polk administration).
Tariff of 1857
(1857) Downward tariff revision to almost free trade status; North opposed; (Buchanan administration).
Wartime Tariff Acts
(1861-1865) Steadily increased protectionism to help fund Union war costs; South not represented in Congress during Civil War; (Buchanan and Lincoln administrations).
Tariff of 1872
(1872) Post-war reform tariff, reduced rates on some manufactured goods; (Grant administration).
Tariff of 1875
(1875) Continued downward revision; average rates reduced by 10 percent; (Grant administration).
Mongrel Tariff
(1883) Republicans abandoned reform; compromise satisfied no one; (Arthur administration).
McKinley Tariff
(1890) Highest protective tariff to date: average 48 percent; (B. Harrison administration).
Wilson-Gorman Tariff
(1894) Reform measure crippled by Senate amendments; (Cleveland 2nd administration).
Dingley Tariff
(1897) Blatantly protective measure; some rates at 57 percent; (McKinley administration).
Payne-Aldrich Tariff
(1909) Attempt to lower average level of duties; little meaningful reform; Progressives angered; (Taft administration).
Underwood-Simmons Tariff
(1913) Democrats took control of Congress; general duty reduction soon negated by outbreak of World War I; federal income tax provision; (Wilson administration).
Emergency Tariff
(1921) Republicans returned to power and responded to mini-depression; raised agricultural rates to protect farmers; only a stopgap measure until new law written; (Harding administration).
Fordney-McCumber Tariff
(1922) Increased rates sharply; president empowered to adjust rates; Tariff Commission created to advise president; (Harding administration).
Hawley-Smoot Tariff
(1930) Raised U.S. duties to an all-time high; 1,000 economists protested; foreign retaliation; (Hoover administration).
Hull Trade Pacts
(1934) Reciprocal treaties to reduce tariffs and stimulate trade during depression; (F. Roosevelt administration).
General Agreement on Tariffs and Trade (GATT)
(1948) United Nations organization created to seek tariff reductions. (Truman Administration)
Trade Expansion Act
(1962) President received authority to negotiate tariff reductions up to 50 percent; aimed primarily at European Economic Community (later European Union); (Kennedy administration).
