1897 Dingley Tariff for kids: What are Tariffs?
Definition and Summary: What are tariffs? A Tariff is a tax placed on goods that are imported from foreign countries. Tariffs enable a country to raise money and at the same time protect a nation's home-grown goods from cheaper priced foreign items.
The Dingley Tariff for kids: Protectionism
The principle of such tariffs (taxes) was called Protectionism and the politicians who adhered to the principle of policy of imposing duties were known as Protectionists. Tariffs were adjusted according to the political and economic climate. The great advocates of Protectionism in US history were Alexander Hamilton and Henry Clay and the later Republican presidents. The Republicans believed in higher tariffs, and were opposed by the Democrats who believed in lower rates and that protectionism favored monopolistic business practices that gave rise to the Robber Barons who emerged in the mid to late 1800's.
For additional facts and a timeline refer to Protectionism and Tariffs.
What was the purpose of the Dingley Tariff?
The purpose of the Dingley Tariff was to protect businesses and industries from foreign competition. Imported products became more expensive to those made in America, thereby protecting U.S. manufacturing and industries.
1890 Dingley Tariff: What did the Dingley Tariff do?
It increased rates for many manufactured goods. Rates were increased on woolens, silks, linens and china. The tax rates for sugar doubled.
Dingley Tariff for kids: The Effect of the Dingley Tariff
The Dingley Tariff was the highest protective tariff in the history of the United States. It increased duties by an average of 52% and the cost of living by nearly 25%. The law remained in effect for nearly ten years until the Payne-Aldrich Tariff Act of 1909 was passed.
The info about this protectionist tax provides interesting facts and important information about this important event that occured during the presidency of the 25th President of the United States of America.