15 terms

Tariffs (APUSH)

Tariff of 1789
Primarily for revenue; some protection for "infant industries"
Tariff of 1816
First protective tariff; Clay and Calhoun supported as part of American System; Southern cotton growers opposed
Tariff of 1824
Further heightening of rates; growing opposition from South
"Tariff of Abominations" (1828)
Higher protective measures for New England mills; Southerners outraged, including Calhoun
Tariff of 1832
Moderate reform returned rates to 1824 levels; unmoved South Carolina sparked Nullification Crisis
Tariff of 1833
Clay compromise; gradual reduction of rates over time to 1816 levels; New England states opposed
Wartime Tariff Acts (1861-1865)
Steadily increased protectionism to help fund Union war costs; South not represented in Congress during Civil War
McKinley Tariff (1890)
Highest protective tariff to date; average above 48 percent
Payne-Aldrich Tariff (1909)
Attempt to lower average level of duties; little meaningful reform; Progressives angered
Underwood-Simmons Tariff (1913)
Democrats took control of Congress; general duty reduction soon negated by outbreak of World War I; federal income tax provision
Fordney-McCumber Tariff (1922)
Increased rates sharply; president empowered to adjust rates; Tariff Commission created to advise president
Hawley-Smoot Tariff (1930)
Raised U.S. duties to an all-time high; 1,000 economists protested; foreign retaliation
General Agreement on Tariffs and Trade (1948)
United Nations organization created to seek tariff reductions
North American Free Trade Agreement (1993)
U.S., Canada, and Mexico end most trade barriers
GATT/WTO (1994)
New GATT agreement signed; World Trade Organization (WTO) formed