Black Tariff
The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States. It reversed the effects of the Compromise Tariff of 1833, which contained a provision that successively lowered the tariff rates from their level under the Tariff of 1832 over a period of ten years until the majority of dutiable goods were to be taxed at 20%. As the 20% level approached in 1842, industrial interests and members of the Whig Party began clamoring for protection by claiming that the reductions left them vulnerable to European competition. The bill restored protection and raised average tariff rates to almost 40% and stipulated sweeping changes to the tariff schedule and collection system, most of which were designed to augment its protective character. It also replaced most ad valorem rates with specific duties, assessed on a good-by-good basis, and replaced the credit system of tariff finance with a cash payment system, collected at portside ...
[...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  

Protectionism In The United States
Protectionism in the United States is protectionist economic policy that erects tariffs and other barriers on imported goods. In the US this policy was most prevalent in the 19th century. At that time it was mainly used to protect Northern industries and was opposed by Southern states that wanted free trade to expand cotton and other agricultural exports. Protectionist measures included tariffs and quotas on imported goods, along with subsidies and other means, to restrain the free movement of imported goods, thus encouraging local industry. There was a general lessening of protectionist measures from the 1930s onwards, culminating in the free trade period that followed the Second World War. After the war the U.S. promoted the General Agreement on Tariffs and Trade (GATT), to liberalize trade among all capitalist countries. In 1995 GATT became the World Trade Organization (WTO), and with the collapse of Communism its open markets/low tariff ideology became dominant worldwide. ...
[...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]