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Cayley–Galt Tariff
The Cayley–Galt Tariff of 1858 was the first protective tariff in the history of Canada. It imposed duties on fully-manufactured goods of 20% and a duty of 10% on partially-manufactured goods in an attempt to spur the domestic manufacturing industries. The tariff caused immediate resentment in both the United Kingdom and the United States. The Americans' anger played an important role in their 1866 repeal of the Canadian–American Reciprocity Treaty, which had led to free trade in natural resources. The tariff was only a foretaste of the much broader system of protection, which would be set up by the National Policy The National Policy was a Canadian economic program introduced by John A. Macdonald's Conservative Party in 1876. After Macdonald led the Conservatives to victory in the 1878 Canadian federal election, he began implementing his policy in 1879. ... in 1879. Sources *W.T. Easterbrook and H.G.J. Aitken. ''Canadian Economic History'' (Toronto, 1988) {{DEFAULTSORT: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protective Tariff
Protective tariffs are tariffs that are enacted with the aim of protecting a domestic industry. They aim to make imported goods cost more than equivalent goods produced domestically, thereby causing sales of domestically produced goods to rise, supporting local industry. Tariffs are also imposed in order to raise government revenue, or to reduce an undesirable activity (sin tax). Although a tariff can simultaneously protect domestic industry and earn government revenue, the goals of protection and revenue maximization suggest different tariff rates, entailing a tradeoff between the two aims. How tariffs work A tariff is a tax added onto goods imported into a country; protective tariffs are taxes that are intended to increase the cost of an import so it is less competitive against a roughly equivalent domestic good. For example, if similar cloth for sale in America cost $4 for a version imported from Britain (including additional shipping, etc.) and $4 for a version originatin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of countries and dependencies by area, second-largest country by total area, with the List of countries by length of coastline, world's longest coastline. Its Canada–United States border, border with the United States is the world's longest international land border. The country is characterized by a wide range of both Temperature in Canada, meteorologic and Geography of Canada, geological regions. With Population of Canada, a population of over 41million people, it has widely varying population densities, with the majority residing in List of the largest population centres in Canada, urban areas and large areas of the country being sparsely populated. Canada's capital is Ottawa and List of census metropolitan areas and agglomerations in Canada, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian–American Reciprocity Treaty
The Canadian–American Reciprocity Treaty of 1854, also known as the Elgin-Marcy Treaty (after its key negotiators, James Bruce, 8th Earl of Elgin and William L. Marcy), was a treaty between the United Kingdom and the United States that applied to British North America, including the Province of Canada, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland Colony. The treaty covered raw materials; in effect from 1854 to 1866, it represented a move toward free trade and was opposed by protectionist elements in the United States. After the American Civil War ended in 1865, US protectionist elements were joined by Americans angry at tacit support by Britain for the Confederate States during the war, and that alliance was successful in terminating the treaty in 1866. The response in much of British North America was to unite some of its colonies in 1867 into the new country of Canada. The new country expected to allow many new economic opportunities in Canada and to u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold Economic liberalism, economically liberal positions, while economic nationalist political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. States can unilaterally reduce regulations and duties on imports and exports, as well as form bilateral and multilateral free trade agreements. Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or Subsidy, subsidies to exports. Governments may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff or import tax is a duty (tax), duty imposed by a national Government, government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods or raw materials and is paid by the exporter. Besides being a source of revenue, import duties can also be a form of regulation of International trade, foreign trade and policy that burden foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Tariffs on imports are designed to raise the price of imported goods to discourage consumption. The intention is for citizens to buy local products instead, which, according to support ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Policy
The National Policy was a Canadian economic program introduced by John A. Macdonald's Conservative Party in 1876. After Macdonald led the Conservatives to victory in the 1878 Canadian federal election, he began implementing his policy in 1879. The protective policy had shown positive responses in the economy with new industries flourishing Canada's economy in the 1880s. John A. Macdonald combined three elements as a strategy for the post-Confederation economy. First, he called for high tariffs on imported manufactured items to protect the manufacturing industry. Second, he called for a massive expansion of physical infrastructure, such as roads and railroads. Finally, enabled and supported by the former two, he promoted population growth (particularly in western Canada), the building of the Canadian Pacific Railway, and the fostering of immigration to Western Canada. Macdonald campaigned on the policy in the 1878 election, and defeated the Liberal Party, which supported free t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
